Elliott wave analysis of EUR/NZD for September 1, 2017

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EUR/NZD - Weekly

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EUR/NZD - Hourly

Wave summary;

Our long-term outlook continues to point higher towards the diamond formation target at 1.9900.

Short-term, we are looking for a minor correction close to 1.6171 from where the next rally higher to 1.6636 and 1.6969. A break below minor support at 1.6451 confirms the expected corrective decline closer to 1.6171.

R : 1.6710

R2: 1.6632

R1: 1.6634

Pivot: 1.6600

S1: 1.6540

S2: 1.6435

S3: 1.6348

Trading recommendation:

We are looking for a EUR buying opportunity in the 1.6171 - 1.6348 area.

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