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28.06.2018 05:25 AM
Elliott wave analysis of EUR/NZD for June 28, 2018

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EUR/NZD peaked just below the 1.7138 target. and a correction in wave ii/ towards at least 1.6897 and more likely a corrective decline closer to 1.6833 should now be expected, before the next impulsive rally higher to at least 1.7385 should be expected.

The corrective decline in wave ii/ does not yet look complete. We expect resistance near 1.7082 will be able to cap the upside for a break below minor support at 1.7039 confirming renewed downside pressure towards at least 1.6897 and likely closer to 1.6833 to complete wave ii/.

R3: 1.7185

R2: 1.7114

R1: 1.7082

Pivot: 1.7039

S1: 1.7014

S2: 1.6965

S3: 1.6900

Trading recommendation:

Our stop at 1.7010 was hit and the final 50% close for another nice profit. We will wait for this correction to unfold and re-buy EUR close to 1.6833.

Torben Melsted,
Analytical expert of InstaForex
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