Elliott wave analysis of EUR/NZD for August 14, 2018
August 14, 2018 4:22 am
We are looking for red wave ii to complete in the 1.7196 – 1.7258 target-zone. Once this correction is complete a new impulsive rally to above 1.7487 is expected for a continuation higher to 1.7924 and 1.8369 as the next upside important upside targets.
Short-term only a break above minor resistance at 1.7356 will indicate that a corrective low has been seen for red wave ii and red wave iii is taking over for a rally to above 1.7487.
R3: 1.7487
R2: 1.7417
R1: 1.7355
Pivot: 1.7322
S1: 1.7258
S2: 1.7226
S3: 1.7196
Trading recommendation:
We will re-buy EUR at 1.7245 or upon a break above 1.7356.
The material has been provided by InstaForex Company – www.instaforex.com
We are looking for red wave ii to complete in the 1.7196 – 1.7258 target-zone. Once this correction is complete a new impulsive rally to above 1.7487 is expected for a continuation higher to 1.7924 and 1.8369 as the next upside important upside targets.
Short-term only a break above minor resistance at 1.7356 will indicate that a corrective low has been seen for red wave ii and red wave iii is taking over for a rally to above 1.7487.
R3: 1.7487
R2: 1.7417
R1: 1.7355
Pivot: 1.7322
S1: 1.7258
S2: 1.7226
S3: 1.7196
Trading recommendation:
We will re-buy EUR at 1.7245 or upon a break above 1.7356.
The material has been provided by InstaForex Company – www.instaforex.com
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