Elliott wave analysis of EUR/NZD for December 7, 2018

EUR/NZD has rallied nicely as wave iv. Wave a of iv likely completed with the test of 1.6575 and we should expect a temporary set-back close to 1.6423 before the next rally higher to at least 1.6668 and ideally closer to 1.6767 before being ready to turn lower in wave v.

Short-term a break below minor support at 1.6511 will call for a dip to 1.6469 and ideally closer to 1.6423 in wave b of iv.

R3: 1.6620

R2: 1.6575

R1: 1.6547

Pivot: 1.6511

S1: 1.6469

S2: 1.6423

S3: 1.6395

Trading recommendation:

We are long EUR from 1.6400 and we will move our stop higher to 1.6510 and if done, we will try to re-buy EUR at 1.6435.

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

Source:: Elliott wave analysis of EUR/NZD for December 7, 2018