FX.co ★ Elliott wave analysis of EUR/NZD for May 28, 2018

Wave C/ of ii/ is now in its final stages and a low could be found anytime. However, as long as the minor resistance at 1.6938 is able to cap the upside, we could still see a final dip to the ideal target for the wave C/ of ii/ at 1.6806 where a low is expected for a new impulsive rally to above long-term important resistance at 1.7300.

If, however, the minor resistance at 1.6938 is broken, that will indicate that the wave ii/ saw a premature low and the wave iii/ to above 1.7300 is developing.

R3: 1.7050

R2: 1.6981

R1: 1.6938

Pivot: 1.6902

S1: 1.6839

S2: 1.6805

S3: 1.6745

Trading recommendation:

We are looking for a EUR-buying opportunity at 1.6815 or upon a break above 1.6938.