FX.co ★ Elliott wave analysis of EUR/NZD for January 5, 2017

Wave summary:

No change in view.

We are look for confirmation that the ongoing correction from 1.5235 is complete for the next impulsive rally higher towards into the 1.5837 - 1.5911 area.

As long as minor resistance at 1.5123 is able to cap the upside, we could still see a final spike just below support at 1.4960 before the correction completes and a new impulsive rally takes over.

Trading recommendation:

We will buy EUR at 1.4925 or upon a break above 1.5123.