Elliott wave analysis of EUR/NZD for August 22, 2013
August 22, 2013 5:45 am
Today’s Support and Resistance levels:
R3: 171.53
R2: 171.00
R1: 170.74
Current spot: 170.47
S1: 170.00
S2: 1.6967
S3: 1.6934
Technical summary:
We are still looking for a top of wave i near 171.00 and should be ready for the first sizable set-back since this rally took of from 1.6325. The ideal target for this wave ii correction of wave i will be at the 38.2% retracement target at 1.6804. That said, we must remember that the corrections during wave i has been sub-normal and therefore we will have to monitor the coming wave ii closely, but for now let’s focus on getting the top of wave i in place near 1.7100 and then where we can expect wave ii to end.
Trading recommendation:
We continue to stay neutral and wait for a wave to develop. We recommend placeing a EUR-buy order at 1.6810.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 171.53
R2: 171.00
R1: 170.74
Current spot: 170.47
S1: 170.00
S2: 1.6967
S3: 1.6934
Technical summary:
We are still looking for a top of wave i near 171.00 and should be ready for the first sizable set-back since this rally took of from 1.6325. The ideal target for this wave ii correction of wave i will be at the 38.2% retracement target at 1.6804. That said, we must remember that the corrections during wave i has been sub-normal and therefore we will have to monitor the coming wave ii closely, but for now let’s focus on getting the top of wave i in place near 1.7100 and then where we can expect wave ii to end.
Trading recommendation:
We continue to stay neutral and wait for a wave to develop. We recommend placeing a EUR-buy order at 1.6810.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: