Elliott wave analysis of EUR/NZD for May 18, 2018

As the bears gain traction by break support at 1.7056 the corrective pattern in the wave ii/ shifts towards an expanding flat correction, which will be calling for a dip closer to the 1.6919 — 1.6955 area before the wave ii/ finally completes and the wave iii/ higher towards the important resistance at 1.7310 takes over.

In the longer term, the important resistance at 1.7310 is expected to eventually break above and open up the upside for a rally towards 1.7474 and 1.7832 on the way higher to at least 1.8437 and ideally closer to resistance in the 1.9844 — 2.0010 area.

R3: 1.7235

R2: 1.7202

R1: 1.7168

Pivot: 1.7105

S1: 1.7076

S2: 1.7044

S3: 1.6989

Trading recommendation:

We will sell EUR on a break below 1.7105 and place our stop at 1.7170. Take profit if our short-sell is executed, will be placed at 1.6965.

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