Elliott wave analysis of EUR/NZD for March 9, 2018

Wave summary:

Wave x should be completed soon for a new rally towards 132.00 and likely above it for continuation higher to 132.90. It will likely complete the corrective rally from 129.32 and turn prices lower again for the next part of the decline towards the ideal (E) wave target near 123.43.

R3: 1.7060

R2: 1.7007

R1: 1.6976

Pivot: 1.6924

S1: 1.6874

S2: 1.6830

S3: 1.6810

Trading recommendation:

We are long EUR from 1.6790 with stop placed at 1.6850. Upon a break above resistance at 1.7100 we will move our stop higher to 1.6950.

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