Elliott wave analysis of EUR/NZD for August 15, 2018

After a dip to 1.7220 all requirements for the correction in red wave i has been fulfilled. Therefore we are looking for a break above resistance at 1.7355 to confirm that red wave iii is developing for a break above the peak at 1.7484 as EUR/NZD moves higher towards 1.7924 and 1.8369.

Short-term support is seen at 1.7243, this support should ideally be able to protect the downside, for the expected rally higher. If, however, a break below 1.7243 is seen, a final dip closer to 1.7196 should be expected to complete red wave ii.

R3: 1.7487
R2: 1.7417
R1: 1.7355
Pivot: 1.7299
S1: 1.7270
S2: 1.7243
S3: 1.7220

Trading recommendation:
We are long EUR from 1.7245 with our stop placed at 1.7215.


Analysis are provided by InstaForex