Elliott Wave analysis of EUR/NZD for August 21, 2013
August 21, 2013 3:15 pm
Today’s Support and Resistance levels:
R3: 1.7100
R2: 1.7050
R1: 1.7006
Current spot: 1.6975
S1: 1.6925
S2: 1.6856
S3: 1.6835
Technical summary:
We should be close to the top of wave i of the new impulsive rally which began at 1.6325. We expect the top to be set close to 1.7100 from where we should expect a correction towards at least 1.6915 and, more likely, down to 1.6804, where wave ii will have corrected 38.2% of wave i. If wave ii ends at 1.6804 it will still be a sub-normal correction for a wave ii and indicate underlying strength in this cross.
In the long term we are looking for much higher levels.
Trading recommendation:
We are looking for an EUR-buying opportunity. Buy EUR near 1.6804 (buy at 1.6810).
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 1.7100
R2: 1.7050
R1: 1.7006
Current spot: 1.6975
S1: 1.6925
S2: 1.6856
S3: 1.6835
Technical summary:
We should be close to the top of wave i of the new impulsive rally which began at 1.6325. We expect the top to be set close to 1.7100 from where we should expect a correction towards at least 1.6915 and, more likely, down to 1.6804, where wave ii will have corrected 38.2% of wave i. If wave ii ends at 1.6804 it will still be a sub-normal correction for a wave ii and indicate underlying strength in this cross.
In the long term we are looking for much higher levels.
Trading recommendation:
We are looking for an EUR-buying opportunity. Buy EUR near 1.6804 (buy at 1.6810).
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: