Elliott wave analysis of EUR/NZD for September 5, 2018

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EUR/NZD has broken nicely above the base-channel resistance line. Both confirm that red wave iii is developing and the cross is accelerating higher towards the next target at 1.7820.In the longer-term, we continue to look for much higher levels with the next larger target seen at 1.8369.

Support is now seen at 1.7606, which ideally will be able to protect the downside for the expected continuation higher towards 1.7820.

R3: 1.7820

R2: 1.7750

R1: 1.7714

Pivot: 1.7679

S1: 1.7647

S2: 1.7606

Trading recommendation:

We are long EUR from 1.7330 and we have moved our stop higher to 1.7565. If you are not long EUR yet, buy near 1.7606 and use the same stop at 1.7565.

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