FX.co ★ Elliott wave analysis of EUR/NZD for May 1 - 2015

Technical summary:

The break above resistance at 1.4640 has shifted the preferred count to the much more bullish count calling for wave iii higher to at least 1.4983 and possibly even higher. As can be seen, the base channel resistance line has been broken and that argues for acceleration higher in wave iii.

Short term support is found at 1.4755 and again at 1.4619.

Trading recommendation:

We bought EUR again at 1.4645 and will place our stop at 1.4745. If you are not long EUR yet, the buy near 1.4755 with the same tight stop at 1.4745