Elliott wave analysis of EUR/NZD for August 29, 2018

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EUR/NZD has retested important short-term resistance at 1.7484. The first test seems to have been rejected, which may lead to a corrective decline towards 1.7371 and maybe even closer to 1.7339 before a new test of this resistance should be expected again.

A break above short-term important resistance at 1.7484 will finally open up the upside for a rally towards 1.7821 and beyond.

R3: 1.7668

R2: 1.7578

R1: 1.7484

Pivot: 1.7435

S1: 1.7398

S2: 1.7371

S3: 1.7339

Trading recommendation:

We are long EUR from 1.7330 with our stop placed at break-even.

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