Elliott wave analysis of EUR/NZD for August 31, 2018


After a break above short-term important resistance at 1.7484 we have seen some consolidation, which is pretty common after an important break-out.

The break above 1.7484 has finally opened up the upside for much higher levels to come in the weeks and months ahead. The next upside target to look for is seen at 1.7820 as this cross works it's way higher towards 1.8369 and ultimately above here too.

Short-term, the former resistance at 1.7484 now will act as support. Only an unexpected break below minor support at 1.7416 will question this rally.

R3: 1.7714

R2: 1.7668

R1: 1.7597

Pivot: 1.7484

S1: 1.7416

S2: 1.7384

S3: 1.7339

Trading recommendation:

We are long EUR from 1.7330 with our stop placed at 1.7410. If you are not long EUR yet, then buy near 1.7484 and use the same stop at 1.7410.

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