FX.co ★ Elliott wave analysis of EUR/NZD for September 6, 2017

Wave summary:

The expected correction in red wave iv is unfolding as expected. Short-term, we expect minor resistance at 1.6541 to cap the upside for another turn lower towards 1.6348 to complete red wave a of red wave iv.

The ideal target for red wave iv is seen at 1.6171, but it can not be excluded that red wave iv completes slightly before this target.

R3: 1.6672

R2: 1.6620

R1: 1.6541

Pivot: 1.6500

S1: 1.6461

S2: 1.6423

S3: 1.6348

Trading recommendation:

We are looking for a EUR-buying opportunity in the 1.6171 - 1.6348 area.