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17.07.201805:17 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for July 17, 2018

Long-term review

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Despite wave b/ moving higher to 1.7327, we continue to look for a deeper decline in wave c/ of ii/, closer to the 38.2% corrective target at 1.7067 and maybe even closer to the low of red wave iv at the 50% corrective target at 1.6971 before wave ii/ is complete and wave iii/ higher towards 1.8638 takes over.

Longer term we continue to look for this rally to continue higher towards our long-term target at 1.9831.

R3: 1.7379

R2: 1.7320

R1: 1.7299

Pivot: 1.7238

S1: 1.7200

S2; 1.7181

S3: 1.7139

Trading recommendation:

We will use the ongoing correction in wave ii/ to buy EUR. If the structure looks complete near 1.7067 we will buy there, otherwise we will buy near 1.6971 if possible.

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