Elliott Wave Analysis of EUR/NZD for October 15, 2013
October 15, 2013 6:15 am
Today’s Support and Resistance levels:
R3: 1.6274
R2: 1.6238
R1: 1.6198
Current Spot: 1.6161
S1: 1.6117
S2: 1.6071
S3: 1.6024
Technical summary:
The sideways consolidation was finally resolved with a break below the support at 1.6219. The break below important support at 1.6219 has triggered a S/H/S formation calling for a continuation lower towards important long term support near 1.5872. However, the break below 1.6219 has also forced us to change our Elliott Wave count, which now shows that wave iii ended at 1.6071 and wave iv ended at 1.6515 and we are currently in wave v lower towards the ideal corrective target near 1.5872, before we can expect the next major impulsive rally higher.
The short-term resistance at 1.6198 will ideally protect the upside for the next decline towards 1.6072 and 1.6028 as the next minor targets.
Trading recommendation:
Stay short from 1.6255 and move your stop lower to 1.6200. Place your take profit and buy EUR at 1.5890.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 1.6274
R2: 1.6238
R1: 1.6198
Current Spot: 1.6161
S1: 1.6117
S2: 1.6071
S3: 1.6024
Technical summary:
The sideways consolidation was finally resolved with a break below the support at 1.6219. The break below important support at 1.6219 has triggered a S/H/S formation calling for a continuation lower towards important long term support near 1.5872. However, the break below 1.6219 has also forced us to change our Elliott Wave count, which now shows that wave iii ended at 1.6071 and wave iv ended at 1.6515 and we are currently in wave v lower towards the ideal corrective target near 1.5872, before we can expect the next major impulsive rally higher.
The short-term resistance at 1.6198 will ideally protect the upside for the next decline towards 1.6072 and 1.6028 as the next minor targets.
Trading recommendation:
Stay short from 1.6255 and move your stop lower to 1.6200. Place your take profit and buy EUR at 1.5890.
The material has been provided by InstaForex Company – www.instaforex.com
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