Elliott wave analysis of EUR/NZD for April 24, 2014
April 24, 2014 8:45 am
Today’s Support and Resistance levels:
R3: 1.6153
R2: 1.6100
R1: 1.6076
Current spot: 1.6038
S1: 1.6000
S2: 1.5965
S3: 1.5927
Technical summary:
The triangle consolidation is now in its d-leg, the ideal target for this wave is near 1.5965, but it could move lower towards 1.5933 before the final e wave takes over for a minor rally towards 1.6044. Once this triangle consolidation finally comes to an end, we will be looking for a thrust out of the triangle to the downside for a decline towards 1.5533 to end the major decline from August 2013.
Trading receommendation:
Stay short from 1.6049 with a stop and revers at 1.6185.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 1.6153
R2: 1.6100
R1: 1.6076
Current spot: 1.6038
S1: 1.6000
S2: 1.5965
S3: 1.5927
Technical summary:
The triangle consolidation is now in its d-leg, the ideal target for this wave is near 1.5965, but it could move lower towards 1.5933 before the final e wave takes over for a minor rally towards 1.6044. Once this triangle consolidation finally comes to an end, we will be looking for a thrust out of the triangle to the downside for a decline towards 1.5533 to end the major decline from August 2013.
Trading receommendation:
Stay short from 1.6049 with a stop and revers at 1.6185.
The material has been provided by InstaForex Company – www.instaforex.com
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