Elliott wave analysis of EUR/NZD for November 25, 2013
November 25, 2013 6:30 am
WEEKLY CHART
8-HOUR CHART
Today’s Support and Resistance levels:
R3: 1.6636
R2: 1.6597
R1: 1.6523
Current Spot: 1.6487
S1: 1.6453
S2: 1.6397
S3: 1.6341
Technical summary:
The decline from 1.7274 is one of the weirdest formation we have ever seen. However, when we look at the weekly chart, we are convinced, that it only was a X-wave in a much larger correction, which began from 1.4966 and should, at least, test resistance at 1.9094, where we will find the 38.1% correction target of the decline from the 2.5773 top in early 2009 to the bottom at 1.4966 in mid-2012. However, to confirm that a new uptrend have begun, we would like to see support at 1.6453 protecting the downside from a new rally above 1.6636 and more importantly above 1.6726, which will confirm the new uptrend continuation higher towards 1.6882 and higher.
Trading recommendation:
Buy after a break above 1.6526 (let’s say at 1.6530) with a stop at 1.6445.
The material has been provided by InstaForex Company – www.instaforex.com
WEEKLY CHART
8-HOUR CHART
Today’s Support and Resistance levels:
R3: 1.6636
R2: 1.6597
R1: 1.6523
Current Spot: 1.6487
S1: 1.6453
S2: 1.6397
S3: 1.6341
Technical summary:
The decline from 1.7274 is one of the weirdest formation we have ever seen. However, when we look at the weekly chart, we are convinced, that it only was a X-wave in a much larger correction, which began from 1.4966 and should, at least, test resistance at 1.9094, where we will find the 38.1% correction target of the decline from the 2.5773 top in early 2009 to the bottom at 1.4966 in mid-2012. However, to confirm that a new uptrend have begun, we would like to see support at 1.6453 protecting the downside from a new rally above 1.6636 and more importantly above 1.6726, which will confirm the new uptrend continuation higher towards 1.6882 and higher.
Trading recommendation:
Buy after a break above 1.6526 (let’s say at 1.6530) with a stop at 1.6445.
The material has been provided by InstaForex Company – www.instaforex.com
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