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05.09.201705:59 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for September 5, 2017

Long-term review

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Wave summary:

We continue to look for a deeper corrective decline in red wave iv, ideally closer to 1.6171 before turning higher again in red wave v. That said, we have to remember that we currently are in the wave iii/ of iii, which normally is the strongest part of the trend, so we should be aware of the possibility that the correction will be sub-normal and move directly higher through resistance at 1.6672 towards 1.6969.

R3: 1.6710

R2: 1.6632

R1: 1.6610

Pivot: 1.6600

S1: 1.6540

S2: 1.6435

S3: 1.6348

Trading recommendation:

We are looking for a EUR-buying opportunity in the 1.6171 - 1.6348 area or upon a direct break above 1.6672.

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