EUR/NZD failed to break directly above resistance at 1.6821, as a more complex wave ii/ correction developed. This wave ii/ correction now looks complete, with the test of 1.6707. We will be looking for a break above minor resistance at 1.6766 and more importantly above resistance at 1.6812 for an extended rally in wave iii/ towards at least 1.7071.
Only an unexpected break below 1.6707 will delay the expected rally higher.
R3: 1.6830
R2: 1.6812
R1: 1.6766
Pivot: 1.6742
S1: 1.6730
S2: 1.6707
S3: 1.6683
Trading recommendation:
We are long EUR from 1.6600 with our stop placed at 1.6700. If you are not long EUR yet, then buy EUR near 1.6730 and use the same stop at 1.6700.
