Elliott wave analysis of EUR/NZD for July 18, 2018
July 18, 2018 5:22 am
The expected correction in wave ii/ is developing like hoped. We will be looking for more downside pressure towards the 38.2% corrective target at 170.67. Normally a wave two correction would be deeper, but as we are in wave iii we should be aware that correction tends to be smaller than normal.
Longer term, we continue to look for much more upside with the next major upside target seen at 1.7979.
R3: 1.7329
R2: 1.7298
R1: 1.7233
Pivot: 1.7175
S1: 1.7132
S2: 1.7066
S3: 1.7026
Trading recommendation:
We are looking for EUR-buying opportunity near the end of this wave ii/ correction. If the corrective structure looks complete near 1.7067 we will buy near there.
The material has been provided by InstaForex Company – www.instaforex.com
The expected correction in wave ii/ is developing like hoped. We will be looking for more downside pressure towards the 38.2% corrective target at 170.67. Normally a wave two correction would be deeper, but as we are in wave iii we should be aware that correction tends to be smaller than normal.
Longer term, we continue to look for much more upside with the next major upside target seen at 1.7979.
R3: 1.7329
R2: 1.7298
R1: 1.7233
Pivot: 1.7175
S1: 1.7132
S2: 1.7066
S3: 1.7026
Trading recommendation:
We are looking for EUR-buying opportunity near the end of this wave ii/ correction. If the corrective structure looks complete near 1.7067 we will buy near there.
The material has been provided by InstaForex Company – www.instaforex.com
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