Elliott wave analysis of EUR/NZD for August 23, 2018

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Nothing much to say here. The range-trading between 1.7211 to 1.7355 continues. We expect short-term important resistance at 1.7355 to be broken soon. A break above this resistance will open up the upside as red wave iii really starts to develop towards 1.7924 and 1.8369 as the next important upside targets.

That said, we need to accept the possibility of more sideways consolidation between 1.7196 and 1.7355 as long as short-term important resistance is not broken.

R3: 1.7484

R2: 1.7417

R1: 1.7355

Pivot: 1.7327

S1: 1.7281

S2: 1.7221

S3: 1.7196

Trading recommendation:

We will re-buy EUR at 1.7205 or upon a break above 1.7327 and place our stop at 1.7200.

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