FX.co ★ Elliott wave analysis of EUR/NZD for December 28, 2016

Wave summary:

There really is not much news to add here.

We are still looking for a deeper correction in wave [ii] closer to 1.4964 before the next impulse rally higher towards 1.5836 should be expected. The ongoing correction from 1.5235 seems to take on the shape of a double zig-zag correction. The first minor zig-zag completed at 1.5047 and has been followed by a small x-wave to 1.5191 and the second zig-zag lower is now unfolding. As a minimum a break below 1.5047 will be expected.

Trading recommendation:

We are looking for a EUR buying opportunity near 1.4925 or upon a break above 1.5235.