Elliott wave analysis of EUR/NZD for April 11, 2014
April 11, 2014 9:25 am
Today’s Support and Resistance levels:
R3: 1.6135
R2: 1.6106
R1: 1.6067
Current spot: 1.6027
S1: 1.5979
S2: 1.5927
S3: 1.5881
Technical summary:
Yesterday we did see minor resistance protecting the upside for a break below 1.5848, but only for a move towards 1.5837 before a new rally took off. This unexpected rally above 1.5980 has once again changed the short-term picture and we are likely looking at a more complex triangle. If this count proves correct we have only seen wave a and b finished and wave c is developing. C waves of triangles tend to be the most complex of the wave within a triangle. For now we have to wait for the triangle to unfold before the final decline to end wave c is expected.
Trading recommendation:
The short position from 1.5877 was stopped out at 1.5910. We will sell EUR again at 1.6125 with a stop at 1.6185 (just above the top of wave a of the triangle).
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 1.6135
R2: 1.6106
R1: 1.6067
Current spot: 1.6027
S1: 1.5979
S2: 1.5927
S3: 1.5881
Technical summary:
Yesterday we did see minor resistance protecting the upside for a break below 1.5848, but only for a move towards 1.5837 before a new rally took off. This unexpected rally above 1.5980 has once again changed the short-term picture and we are likely looking at a more complex triangle. If this count proves correct we have only seen wave a and b finished and wave c is developing. C waves of triangles tend to be the most complex of the wave within a triangle. For now we have to wait for the triangle to unfold before the final decline to end wave c is expected.
Trading recommendation:
The short position from 1.5877 was stopped out at 1.5910. We will sell EUR again at 1.6125 with a stop at 1.6185 (just above the top of wave a of the triangle).
The material has been provided by InstaForex Company – www.instaforex.com
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