Elliott wave analysis of EUR/NZD for March 30, 2017

Wave summary:

Our expectation of more consolidation in wave [iv] closer to 1.5230 has proved to be correct. As long as minor resistance seen at 1.5347 is able to cap the upside, a final spike lower to 1.52301.5205 still could be seen, but from here or upon a break above 1.5347 renewed strength should be expected towards 1.5563 and likely even closer to 1.5781.

R3: 1.5780

R2: 1.5667

R1: 1.5563

Pivot: 1.5300

S1: 1.5230

S2: 1.5205

S3: 1.5170

Trading recommendation:

We will buy EUR at 1.5235 or upon a break above 1.5347.

The material has been provided by InstaForex Company - www.instaforex.com