FX.co ★ Elliott wave analysis of EUR/NZD for September 7, 2017

Wave summary:

One could make the case that red wave iv completed already with the test of 1.6407, but then a break directly above resistance at 1.6611 will be needed. Such a break will call for red wave v towards 1.6969. If, however, resistance at 1.6611 is able to cap the upside, we should see another zig-zag decline lower to 1.6314 - 1.6348 area to completed red wave iv and set the stage for the next impulsive rally in red wave v towards 1.6969.

R3: 1.6969

R2: 1.6727

R1: 1.6611

Pivot: 1.6525

S1: 1.6500

S2: 1.6407

S3: 1.6348

Trading recommendation:

We are looking to buy EUR at 1.6360 or upon a break above 1.6611.