Elliott wave analysis of EUR/NZD for September 12, 2017

analytics59b76db4ea8b4.png

Wave summary:

Red wave iv seems to be turning into a triangle consolidation. If the really is the case, then we should expect a couple of minor swings inside the triangle boarders before breaking higher towards 1.6969. The rally to resistance near 1.6969 will only complete wave iii/ and after a new flat or triangle consolidation in wave iv and new rally closer to 1.7611 should be expected to complete wave v/ and iii.

R3: 1.6969

R2: 1.6758

R1: 1.6690

Pivot: 1.6600

S1: 1.6475

S2: 1.6434

S3: 1.6406

Trading recommendation:

We are long EUR from 1.6611 with stop placed at 1.6400. If you are not long EUR, then buy a break above 1.6690 and use the same stop at 1.6400.

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