Elliott wave analysis of EUR/NZD for August 29, 2017

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Wave summary:

The rally towards resistance at 1.6636 has worked out just as expected. Once tested this should complete red wave iii and call for a correction in red wave iv towards at least 1.6305 and likely even closer to 1.6175 before turning up again towards 1.6969.

R3: 1.6969

R2: 1.6744

R1: 1.6636

Pivot: 1.6495

S1: 1.6445

S2: 1.6305

S3: 1.6175

Trading recommendation:

We are long EUR from 1.6150 and will move our stop higher to 1.6435. We will take profit at 1.6620. If you are not long EUR yet, then wait for the expected correction to 1.6175 to buy EUR.

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