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Wave analysis

23.03.201718:04 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for March 23 - 2017

Long-term review

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Wave summary:

The correction in wave [iv] drags out in time, indicating that a triangle consolidation could be unfolding. That does not alter the expectation of a rally higher towards at least 1.5537 and more likely even closer to 1.5764 to complete wave [v] and wave i.

R3: 1.5441

R2: 1.5382

R1: 1.5320

Pivot: 1.5300

S1: 1.5263

S2: 1.5230

S3: 1.5175

Trading recommendation:

We are long EUR from 1.5170 with stop placed at 1.5160.

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