Wave summary:
EUR/NZD spiked lower to 1.5215 hitting our stop before taking off for real. The rally off the 1.5215 low is clearly impulsive, confirming that wave ii/ has completed and wave iii/ to above 1.6237 now is developing. Short-term, we are looking for a correction lower to 1.5475 and maybe even closer to 1.5395 before the next strong rally higher should be expected.
R3: 1.5800
R2: 1.5725
R1: 1.5640
Pivot: 1.5600
S1: 1.5534
S2: 1.5475
S3: 1.5439
Trading recommendation:
Our stop at 1.5246 was hit for a loss. WE will re-buy EUR at 1.5450 or upon a break above 1.5645.
