FX.co ★ Elliott wave analysis of EUR/NZD for January 2 - 2015

Technical summary:

The September low at 1.5526 has been broken too and after small correction towards 1.5630 the next downside target will come in at 1.5407. However, the longer-term decline is expected to continue all the way back to the July 2012 low at 1.4966 in major flat correction. Correction from the 1.7153 high has been a very complex triple combination and we are currently in the final z-wave of this triple combinatio with more downside to cover.

Trading recommendation:

We have missed our selling target at 1.5615, but will try to sell at 1.5620 with a stop at 1.5725.