Elliott wave analysis of EUR/NZD for May 21, 2018

EUR/NZD has followed the expected path lower in wave C. Ideally this decline will complete near 1.6922 and set the stage for the next impulsive rally to above minor resistance at 1.7049 and more importantly above resistance at 1.7166 that confirms wave iii/ towards at least 1.7474 is developing.

R3: 1.7103

R2: 1.7049

R1: 1.7000

Pivot: 1.6967

S1: 1.6955

S2: 1.6922

S3: 1.6881

Trading recommendation:

We took profit on our short position from 1.7100 at 1.6965 and book a nice little profit of 135 pips. We will buy EUR at 1.6930 or upon a break above 1.7055.