Elliott wave analysis of EUR/NZD for August 24, 2018

analytics5b7f7994aac28.png

EUR/NZD has finally broken above short-term important resistance at 1.7355. This former resistance should now act as support if a re-test is needed.

The break above resistance at 1.7355 should have paved the way for a continuation higher towards 1.7484 on the way towards 1.7924 and 1.8369 as the next important upside targets. EUR/NZD is now in a position where it could start accelerate quiet powerfully higher, but we think a clear break above 1.7484 will be needed to see the expected upside acceleration.

R3: 1.7668

R2: 1.7578

R1: 1.7484

Pivot: 1.7366

S1: 1.7355

S2: 1.7325

S3: 1.7281

Trading recommendation:

We bought EUR at 1.7330 and we have placed our stop at 1.7275.

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