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EUR/NZD has made a new low since the 1.7294 peak and this now seriously questions our former count. Yesterday's break to new lows does open the possibility of an alternate count. This count calls for more downside closer to 1.6416 and maybe even a decline to 1.6338 if the former low at 1.6517 is broken.
Only a direct break back above resistance at 1.6703 will ease the downside pressure and more importantly, a break above resistance at 1.6842 will reinstate the bullish outlook, calling for a continuation higher to 1.7294 on the way higher to 1.8437.
R3: 1.6789
R2: 1.6703
R1: 1.6653
Pivot: 1.6617
S1: 1.6566
S2: 1.6517
S3: 1.6459
Trading recommendation:
Our stop at 1.6685 was hit for a loss of 80 pips. We will stay sidelined for now.
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