Elliott wave analysis of EUR/NZD for June 28, 2017

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Wave summary:

EUR/NZD spiked lower to 1.5215 hitting our stop before taking off for real. The rally off the 1.5215 low is clearly impulsive, confirming that wave ii/ has completed and wave iii/ to above 1.6237 now is developing. Short-term, we are looking for a correction lower to 1.5475 and maybe even closer to 1.5395 before the next strong rally higher should be expected.

R3: 1.5800

R2: 1.5725

R1: 1.5640

Pivot: 1.5600

S1: 1.5534

S2: 1.5475

S3: 1.5439

Trading recommendation:

Our stop at 1.5246 was hit for a loss. WE will re-buy EUR at 1.5450 or upon a break above 1.5645.

The material has been provided by InstaForex Company - www.instaforex.com