Wave summary:
The decline from 1.6634 has been very small and EUR/NZD is already breaking higher, which indicates an running triangle is developing. The minor rally from 1.6438 is viewed as red wave b of red wave iv and should be followed by another decline closer to 1.6348 and possibly even closer to 1.6171 in red wave c. This will be the deepest part of this corrective consolidation, which will be followed by another rally higher towards 1.6969.
R3: 1.6710
R2: 1.6632
R1: 1.6634
Pivot: 1.6600
S1: 1.6540
S2: 1.6435
S3: 1.6348
Trading recommendation:
We are looking for a new EUR-buying opportunity in the 1.6171 - 1.6348 area.