FX.co ★ Elliott wave analysis of EUR/NZD for March 10, 2016

Wave summary:

An unexpected rate cut from RBNZ acted as a catalyst for the expected acceleration through the resistance line near 1.6341. It indicates that wave [ii] ended at 1.6085 and wave [iii] towards 1.8551 now is developing.

The confirmation that wave [ii] is indeed over will be seen upon a break above resistance at 1.6637 that will call for 1.7220 and above.

Trading recommendation:

We are long EUR from 1.6125 and will move our stop higher to 1.6250. If you are not long EUR yet, then buy near 1.6463 and use the same stop at 1.6250.