FX.co ★ Elliott wave analysis of EUR/NZD for June 19, 2018

Our short-term expectations for EUR/NZD was spot on. First, we saw a minor corrective set-back to 1.6671 (we were looking for 1.6676) before moving higher to 1.6795 (we were looking for a rally into the 1.6768 - 1.6793 area to complete the first impulsive rally of the 1.6567 low. With this five wave rally complete with the test of 1.6795 we will be looking for a correction in wave ii/ into the 1.6652 - 1.6679 area before moving higher in wave iii/ towards at least 1.7047.

R3: 1.6842

R2: 1.6817

R1: 1.6794

Pivot: 1.6758

S1: 1.6728

S2: 1.6695

S3: 1.6671

Trading recommendation:

We will sell EUR here at 1.6772 and place our stop at 1.6845. We will take profit and buy EUR at 1.6680