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.
