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16.05.201707:21 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for May 16, 2017

Long-term review

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Wave summary:

The wave [ii] correction from 1.5941 could have completed early at 1.5803 and wave [iii] higher is now developing. For this outlook to be true, we need an impulsive break above resistance seen at 1.6020 soon. Otherwise, this more complex correction in wave [ii] will be expected for a move closer to 1.5723 before wave [iii] will be ready to take over for the next impulsive rally towards 1.6655.

R3: 1.6469

R2: 1.6200

R1: 1.6020

Pivot: 1.5950

S1: 1.5867

S2: 1.5806

S3: 1.5764

Trading recommendation:

We are long EUR from 1.5665 with stop placed at 1.5585. If you are not long EUR yet, then buy near 1.5764 or upon a break above 1.6020 and use the same stop at 1.5585.

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