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05.11.201807:50 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for November 5, 2018

Long-term review

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We are still looking for a final dip closer to the 1.7010 target from where a corrective rally towards 1.7560 before the next downside pressure sets in for the next decline towards 1.6653.

Short-term minor resistance is seen at 1.7175. This minor resistance will ideally be able to cap the upside for the final dip towards 1.7010 to complete the first five wave decline from the 1.7929 peak.

Only a direct break above minor resistance at 1.7322 will tell us that the impulsive decline from 1.7929 completed prematurely and the expected correction towards 1.7560 is already developing.

R3: 1.7322

R2: 1.7296

R1: 1.7238

Pivot: 1.7175

S1: 1.7140

S2: 1.7101

S3: 1.7010

Trading recommendation:

We will buy EUR at 1.7025 and place our stop at 1.6950

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