Elliott wave analysis of EUR/NZD for August 9, 2018

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Finally, EUR/NZD broke clear above resistance at 1.7224 to confirm that red sub-wave iii higher towards 1.7510 is developing. Resistance at 1.7510 should not be able to hold back the ongoing rally for long and once cleared the next target to look for is seen at 1.8369 on the way higher to our long-term outstanding target at 1.9844.

Support is now seen at 1.7310 and then at 1.7224, but ideally, support at 1.7310 will be able to protect the downside for the rally 1.7510 and above.

R3: 1.7510

R2: 1.7479

R1: 1.7415

Pivot: 1.7343

S1: 1.7310

S2: 1.7262

S3: 1.7224

Trading recommendation:

We are long EUR from 1.7226 and we will move our stop higher to 1.7200.

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