FX.co ★ Elliott wave analysis of EUR/NZD for May 30, 2017

Wave summary:

We continue to look for a spike lower to 1.1.5537 to complete the expanded flat correction in wave ii/ and turning prices higher in wave iii/ to above 1.6237 for a continuation higher to 1.6655. Only a direct break above minor resistance, seen at 1.6006, will indicate that a running flat has been unfolding and wave ii/ completed early.

R3: 1.6080

R2: 1.6006

R1: 1.5847

Pivot: 1.5800

S1: 1.5734

S2: 1.5660

S3: 1.5537

Trading recommendation:

We are looking for re-buy EUR at 1.5550 or upon a break above 1.5985.