FX.co ★ Elliott wave analysis of EUR/NZD for April 21 - 2017

Wave summary:

EUR/NZD is testing resistance at 1.5347 indicating that the wave ii correction completed the test of 1.5054 and wave iii higher now is unfolding. Normally third waves become the extended wave and if this is the case here, we should look for wave iii to reach a minimum of 1.6656.

Short-term, we could see a minor set-back toward 1.5171 before the next impulsive rally takes out resistance at 1.5347 and more importantly resistance at 1.5486 confirming wave iii is developing.

R3: 1.5486

R2: 1.5439

R1: 1.5375

Pivot: 1.5300

S1: 1.5266

S2: 1.5234

S3: 1.5171

Trading recommendation:

We have bought EUR at 1.5350 and have placed our stop at 1.5045. If you are not long EUR yet, then buy near 1.5175 and use the same stop at 1.5045.