Elliott wave analysis of EUR/NZD for August 14, 2017

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Wave summary:

We continue to look for a clear break above the resistance at 1.6236 for upside acceleration towards 1.6969. As long as the resistance at 1.6236 is able to cap the upside, we should see consolidation just below this resistance, but it should only be a matter of time before this resistance is taken out for the expected rally higher to 1.6969.

R3: 1.6470

R2: 1.6300

R1: 1.6236

Pivot: 1.6200

S1: 1.6100

S2: 1.6050

S3: 1.5921

Trading recommendation:

We are long EUR from 1.5510 with stop placed at 1.5910. If you are not long EUR yet, then buy near 1.6100 or upon a break above 1.6236 and use the same stop at 1.5910.

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