EUR/NZD has rallied nicely as wave iv. Wave a of iv likely completed with the test of 1.6575 and we should expect a temporary set-back close to 1.6423 before the next rally higher to at least 1.6668 and ideally closer to 1.6767 before being ready to turn lower in wave v.
Short-term a break below minor support at 1.6511 will call for a dip to 1.6469 and ideally closer to 1.6423 in wave b of iv.
R3: 1.6620
R2: 1.6575
R1: 1.6547
Pivot: 1.6511
S1: 1.6469
S2: 1.6423
S3: 1.6395
Trading recommendation:
We are long EUR from 1.6400 and we will move our stop higher to 1.6510 and if done, we will try to re-buy EUR at 1.6435.
