Wave summary:
EUR/NZD continues to follow the expected path. After wave i peaked at 1.6937 a corrective decline in wave ii has begun unfolding. This wave ii corrections will likely test the 61.8% corrective target of wave i at 1.6678 before turning higher in wave iii towards 1.7360 on the way higher to 1.7777.
Short-term, we expect minor resistance at 1.6839 to cap the upside for the final dip to 1.6678 and then strongly higher.
R3: 1.6937
R2: 1.6860
R1: 1.6845
Pivot: 1.6737
S1: 1.6711
S2: 1.6678
S3: 1.6613
Trading recommendation. We closed the final 50% long EUR position at 1.6845 for a nice profit of 175 pips. A we will re-buy EUR at 1.6695 or upon a break above 1.6845.
