Wave summary:
Currently EUR/NZD is trying to break above the minor resistance at 1.4640 and if it is successful that will be the first minor indication that wave 2 completed with the test of 1.4495 and a new impulsive rally could be developing. To really add confidence in wave 2 being complete, a break above resistance at 1.4867 is needed, which will call for a continuation higher towards important resistance at 1.5276 and a break above here will confirm that wave 2 has completed finally and wave 3 higher is developing with the first major target seen at 1.5837.
The limit for the ending diagonal remains at 1.4362, this support cannot be broken of the entire decline from June 2016 will need to be recounted.
R3: 1.4789
R2: 1.4732
R1: 1.4640
Pivot 1.4640
S1: 1.4567
S2: 1.4495
S3: 1.4360 - The limit for wave v
Trading recommendation:
We will buy EUR at 1.4450 with stop placed at 1.4350 or above 1.4867.
