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Our target of .6575 for the short NZDUSD position hit and therefore we are closing the position booking +84 pips. The short position was triggered on August 29 as NZD/USD was breaking a support trend line.

We are continuing to hold the long EURNZD position and we will tighten the stop loss to 1.7500 today. The 1.7500 mark in EUR/NZD is just below last week’s low. A break below this 1.7500 level will caution us to deeper losses and we will want to exit the position at that zone with a small loss. Our target level remains at 1.8000 as the entry level was 1.7570.

EURNZD chart bounces to 3 year highs.

Though we are not specifically performing an Elliott Wave analysis on EURNZD, our viewpoint on EURUSD is that it is rallying in a larger corrective wave that may last for several weeks or months. NZD has been especially weak lately. Therefore, pairing EUR against NZD may have medium term potential.

Original EURNZD Trade Idea

Long Entry: 1.7570

Stop Loss: 1.7354 (**we are moving this to 1.7500 today)

Target: 1.8000

Risk to Reward Ratio 1 to 2

Trading FAQ

There are many reasons why traders typically lose over the long run. We studied millions of live trades to find what makes some traders successful over others. Risk to reward ratios was a common trait so we used that in our Traits of Successful traders research.

We have several guides to help traders become more consistent. My area of expertise is Elliott Wave and we have wave structures and tips covered in our beginners and advanced Elliott Wave trading guides.

New to FX trading? We created this guide just for you.

---Written by Jeremy Wagner, CEWA-M

Jeremy Wagner is a Certified Elliott Wave Analyst with a Master’s designation. Jeremy provides Elliott Wave analysis on key markets as well as Elliott Wave educational resources. Read more of Jeremy’s Elliott Wave reports via his bio page.

Do you agree/disagree with Jeremy’s Elliott Wave count above? Include your comments and Elliott Wave chart in the comments section below.

Discuss this market with Jeremy in Monday’s US Opening Bell webinar.

Follow on twitter @JWagnerFXTrader .