FX.co ★ Elliott wave analysis of EUR/NZD for October 16, 2017

EUR/NZD - Daily

EUR/NZD - 4 Hourly

Wave summary:

The deep decline from 1.6760 is not consistent with our previous count, therefore we have been forced to revise our count from the 1.4536. The rally to 1.6237 is now labeled as wave (i) and the corrective decline to 1.5237 as wave (ii) and the ongoing rally from here as wave (iii). This wave (iii) rally has seen wave i rally from the low of 1.5237 to 1.6760 and wave ii towards 1.6160 is now developing before wave iii higher towards 1.7683.

R3: 1.6629

R2: 1.6510

R1: 1.6489

Pivot: 1.6450

S1: 1.6381

S2: 1.6346

S3: 1.6221

Trading recommendation:

Our stop at 1.6550 was hit for a 50 pip loss. We will wait for a new buying opportunity near 1.6160.