Elliott wave analysis of EUR/NZD for July 17, 2018
Despite wave b/ moving higher to 1.7327, we continue to look for a deeper decline in wave c/ of ii/, closer to the 38.2% corrective target at 1.7067 and maybe even closer to the low of red wave iv at the 50% corrective target at 1.6971 before wave ii/ is complete and wave iii/ higher towards 1.8638 takes over.
Longer term we continue to look for this rally to continue higher towards our long-term target at 1.9831.
We will use the ongoing correction in wave ii/ to buy EUR. If the structure looks complete near 1.7067 we will buy there, otherwise we will buy near 1.6971 if possible.