Elliott wave analysis of EUR/NZD for March 29, 2017

Wave summary:

EUR/NZD failed to build on the break above 1.5441 and topped out already at 1.5450 indicating that wave [iv] still is unfolding. More corrective downside pressure close to 1.5230 still should be expected before wave [v] will be ready to take over, for a rally towards 1.5764.

R3: 1.5780

R2: 1.5667

R1: 1.5554

Pivot: 1.5365

S1: 1.5275

S2: 1.5230

S1: 1.5170

Trading recommendation:

Our stop is at 1.5360 for a nice profit. We will re-buy EUR at 1.5235 or upon a break above 1.5456.

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