Elliott wave analysis of EUR/NZD for January 23, 2018


Wave summary:

We have seen the expected spike lower to 1.6679 (the low has been seen at 1.6684). This fulfills the corrective target in wave ii and a break above minor resistance at 1.6772 will confirm that wave ii is complete and wave iii has taken over for a rally towards 1.7360 on the way higher to 1.7777.

As long as minor resistance at 1.6772 is able to cap the upside, we could still see a final spike to or just below 1.6679, but it's not necessary.

R3: 1.6850

R2: 1.6809

R1: 1.6772

Pivot: 1.6713

S1: 1.6684

S2: 1.6679

S3: 1.6662

Trading recommendation:

We bought EUR at 1.6695 and will place our stop at 1.6550.

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