Elliott wave analysis of EUR/NZD for October 21, 2013
October 21, 2013 6:30 am
Today’s Support and Resistance levels:
R3: 1.6233
R2: 1.6173
R1: 1.6136
Current Spot: 1.6104
S1: 1.6081
S2: 1.6057
S3: 1.6017
Technical summary:
Ideally, we will now see the minor resistance at 1.6136 protects the upside for a break below the minor support at 1.6081, and more importantly a break below 1.6057, which confirms a continuation lower towards 1.6017 on the way to the ideal target at 1.5872, before this ongoing wave C finally comes to an end, and a new impulsive rally will take over for a new rally to 172.74 and higher.
A break above the minor resistance at 1.6136 will indicate that a more complex blue wave iv is unfolding as a running triangle, but it should trade below resistance at 1.6173 for the break below 1.6057 and lower. A break above 1.6173 will be of concern and a break above 1.6183, and more importantly a break above 1.6233 will indicate that wave C is already in place.
Trading recommendation:
Stay short in EUR from 1.6130 and keep your stop and reverse at 1.6240. Place take profit and reverse of the short EUR-position to a long EUR-position at 1.5885. If you are not short in EUR already, then sell at 1.6130 or upon a break below 1.6080 with the same stop and take profit as above.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 1.6233
R2: 1.6173
R1: 1.6136
Current Spot: 1.6104
S1: 1.6081
S2: 1.6057
S3: 1.6017
Technical summary:
Ideally, we will now see the minor resistance at 1.6136 protects the upside for a break below the minor support at 1.6081, and more importantly a break below 1.6057, which confirms a continuation lower towards 1.6017 on the way to the ideal target at 1.5872, before this ongoing wave C finally comes to an end, and a new impulsive rally will take over for a new rally to 172.74 and higher.
A break above the minor resistance at 1.6136 will indicate that a more complex blue wave iv is unfolding as a running triangle, but it should trade below resistance at 1.6173 for the break below 1.6057 and lower. A break above 1.6173 will be of concern and a break above 1.6183, and more importantly a break above 1.6233 will indicate that wave C is already in place.
Trading recommendation:
Stay short in EUR from 1.6130 and keep your stop and reverse at 1.6240. Place take profit and reverse of the short EUR-position to a long EUR-position at 1.5885. If you are not short in EUR already, then sell at 1.6130 or upon a break below 1.6080 with the same stop and take profit as above.
The material has been provided by InstaForex Company – www.instaforex.com
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