FX.co ★ Elliott wave analysis of EUR/NZD for April 13 - 2017

Wave summary:

EUR/NZD tried to break above 1.5347, but failed keeping the status quo regarding the trading range between 1.5149 - 1.5347. We need a break out of this range to dictate, whether wave i still is unfolding or whether wave i completed with the test of 1.5486 and wave ii currently is unfolding. A clear break above 1.5347 will indicate that wave i still is in motion for more upside closer to 1.5570 and possibly even closer to 1.5790 before wave ii takes over. On the other side, a break below support at 1.5149 will tell us that wave i completed with the test of 1.5486 and wave ii currently is unfolding for a move closer to 1.4874 before higher in wave iii.

R3: 1.5347

R2: 1.5312

R1: 1.5280

Pivot: 1.5230

S1: 1.5180

S2: 1.5165

S3: 1.5149

Trading recommendation:

We will only buy a clear break above 1.5347.