EUR/NZD continues its correction in wave ii/ lower to 1.6692. Once the FED announced its 25 basis-point hike EUR/NZD took off like a rocket. Short-term, we could see a minor corrective decline into the 1.6743 - 1.6759 area before moving higher again towards 1.7059 as the next possible upside target.
Longer-term, we continue to look for much higher levels for this cross, with the minimum target set at 1.8437.
R3: 1.6903
R2: 1.6876
R1: 1.6821
Pivot: 1.6773
S1: 1.6759
S2: 1.6743
S3: 1.6692
Trading recommendation:
Our stop at 1.6700 was hit for a 100 pips profit. We will re-buy EUR at 1.6765 or upon a break above 1.6826. We will place our stop at 1.6685.
