The wave 4 triangle is still unfolding. We are currently in wave d of the triangle, which I expect will move higher towards 129.45 and possibly closer to 130.00 before terminating and the final e wave takes over for a minor decline towards 129.00. Once the e wave is done we expect a thrust out of the triangle towards the upside for the final rally higher towards 135.47, which will terminate the entire rally from 94.10 and wave (1) or A. Short term we are looking for minor support at 127.85 to protect the downside for the next rally higher. A break above 128.42 will be the first indication that the rally towards 129.45 is under way.
We have finally seen a clear break above the decending channel, which confirms my long term bullish view. Short term I expect support at 1.5484 to protect the downside for a continuation higher towards at least 1.5601 and likely even higher towards 1.5675. From 1.5675 we could see a minor set-back towards 1.5484 again before the next powerful rally higher. That said, I would like to point out, that we are in wave iii and corrections can easily be sub-normal as we saw yesterday, where there was no time for a set-back to 1.5324 before the continuation higher.
My long term forcast for EUR/NZD can be seen here: http://theelliottwavesufer.blogspot.dk/2013/03/long-term-elliott-wave-analysis-of.html
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