Elliott wave analysis of EUR/NZD for September 28, 2017

Wave summary:

The break back below support at 1.6249 has forced us to change our short-term count slightly. This new count shows that red wave i/ completed with the test of 1.6451 and the following corrective decline wave red wave ii/. Red wave ii/ could be complete with the test of 1.6222 and if this is the case, then a break above 1.6366 and more importantly a break above resistance at 1.6409 should be seen soon, for upside acceleration to 1.6690 and 1.6875.

R3: 1.6489

R2: 1.6409

R1: 1.6366

Pivot: 1.6330

S1: 1.6290

S2: 1.6222

S3: 1.6208

Trading recommendation:

Our break-even stop was hit at 1.6265. We will buy EUR again at 1.6300 or upon a break above 1.6365 with stop placed at 1.6225.

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