04.09.201805:37 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for September 4, 2018

Long-term review

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EUR/NZD is set to break higher anytime now. The next impulsive rally should break above the base-channel resistance line, which currently sits near 1.7669 for acceleration towards 1.7820 on the way higher to 1.8369 and above in the longer term.

Support remains seen at 1.7538 and 1.7506. Ideally, the later will be able to protect the downside for the expected acceleration higher.

R3: 1.7714

R2: 1.7669

R1: 1.7597

Pivot: 1.7538

S1: 1.7505

S2: 1.7484

S3: 1.7459

Trading recommendation:

We are long EUR from 1.7330 with our stop placed at 1.7410. If you are not long EUR yet, buy near 1.7505 or upon a break above 1.7597 and use the same stop at 1.7410.

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