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09.05.201708:58 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for May 9, 2017

Long-term review

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Wave summary:

As expected, the corrective decline from 1.6020 is extending and should be able to reach support seen at 1.5644 before completing and setting the stage for the next impulsive rally higher towards at least 1.6655, and much higher levels towards 1.7196 and 1.7564 should be expected in the longer term. However, at first we need to allow the wave ii to complete near 1.5644.

Only a direct break above 1,5958 will indicate that the corrective decline in wave ii is completed early.

R3: 1.6072

R2: 1.6020

R1: 1.5958

Pivot: 1.5860

S1: 1.5776

S2: 1.5728

S3: 1.5644

Trading recommendation:

We are looking to buy EUR at 1.5665 or upon a break above 1.5958

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