Elliott wave analysis of EUR/NZD for December 29, 2015

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Wave summary:

It was very disappointing to see another failure to break above minor resistance at 1.6151. It does keep a weak downtrend in place for a possible new low closer to 1.5858, but the low at 1.5784 should hold firm for a new impulsive rally in wave iii towards 1.7064.

Only an unexpected breakout below 1.5784 will delay the expected rally higher for a move closer to support at 1.5651 before the next attempt to move higher.

Trading recommendation:

We will buy EUR upon a breakout above minor resistance at 1.6089 and place stop at 1.5925.

The material has been provided by InstaForex Company – www.instaforex.com

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