Elliott wave analysis of EUR/NZD for September 26, 2017

Wave summary:

We continue to look for more upside pressure above 1.6451 for a continuation higher towards 1.6875 and above. Short-term support at 1.6288 ideally will be able to protect the downside for the expected rally higher, but a break below here will indicate that an expanded flat correction is unfolding as red wave ii/ towards 1.6218 before turning higher in red wave iii/ towards 1.6690 and higher towards 1.6875.

R3: 1.6488

R2: 1.6451

R1: 1.6385

Pivot: 1.6350

S1: 1.6317

S2: 1.6288

S3: 1.6237

Trading recommendation:

We are long EUR from 1.6265 and will move our stop to break-even. If our stop is hit we will re-buy EUR at 1.6230 and place our stop at 1.6130.

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