Elliott wave analysis of EUR/NZD for August 18, 2017

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Wave summary:

If a clear break above 1.6236 is not seen soon, we will likely see a deeper correction closer to 1.5928 before the next impulsive rally higher. Only a clear break above 1.6236 confirms the next leg higher towards 1.6969 with minor resistance seen at 1.6349 and 1.661.6636 on the way up.

R3: 1.6349

R2: 1.6236

R1: 1.6125

Pivot: 1.6100

S1: 1.6050

S2: 1.6000

S3: 1.5928

Trading recommendation:

Our stop at 1.6050 has been hit for a nice 540 pips profit. We will buy EUR again at 1.5950 or upon a break above 1.6236.

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

Source:: Elliott wave analysis of EUR/NZD for August 18, 2017

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