Wave summary:
EUR/NZD has failed to rally, which could indicate a more complex correction is unfolding. If this is the case, the more downside pressure towards 1.6775 can not be excluded before the next impulsive rally higher.
In the short term, only a direct break above minor resistance at 1.6972 will ease the downside pressure and indicate that the correction in the wave ii could have completed for a rally towards 1.7479 and above.
R3: 1.7094
R2: 1.7000
R1: 1.6972
Pivot: 1.6850
S1: 1.6800
S2: 1.6775
S3: 1.6737
Trading recommendation:
Our stop at 1.6845 was hit for a loss of 132 pips. We will buy at 1.6790 or upon a break above 1.6972.
