Elliott Wave analysis of EUR/NZD for June 17, 2013
June 17, 2013 8:30 am
Today’s Support and Resistance levels:
R3: 1.6648
R2: 1.6590
R1: 1.6537
Current spot: 1.6485
S1: 1.6465
S2: 1.6447
S3: 1.6388
Technical overview:
With a low at 163.88 (just 11 pips below our ideal target at 1.6399) we have most likely seen the bottom of wave iv and should now see wave v higher. We still need a break above important resistance at 1.6590, but a break above here will confirm the bottom is in place at 1.6388 and call for a rally higher towards 1.7640 as the ideal target for wave v. In the short term we would like to see support at 1.6465 protecting the downside for the break above 1.6590, but we must allow for a move all the way down to 1.6388 before the next rally higher. However, support at 1.6388 cannot be broken with even a single pip as that would invalidate our bullish scenario.
Trading recommendation:
We took profit on our EUR short-position at 1.6450 and at the same time we reversed the position into a long EUR-position and we will place our stop at 1.6380. If you are not long EUR already, then buy close to 1.6465 or upon a break above 1.6590 with a stop at 1.6380.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 1.6648
R2: 1.6590
R1: 1.6537
Current spot: 1.6485
S1: 1.6465
S2: 1.6447
S3: 1.6388
Technical overview:
With a low at 163.88 (just 11 pips below our ideal target at 1.6399) we have most likely seen the bottom of wave iv and should now see wave v higher. We still need a break above important resistance at 1.6590, but a break above here will confirm the bottom is in place at 1.6388 and call for a rally higher towards 1.7640 as the ideal target for wave v. In the short term we would like to see support at 1.6465 protecting the downside for the break above 1.6590, but we must allow for a move all the way down to 1.6388 before the next rally higher. However, support at 1.6388 cannot be broken with even a single pip as that would invalidate our bullish scenario.
Trading recommendation:
We took profit on our EUR short-position at 1.6450 and at the same time we reversed the position into a long EUR-position and we will place our stop at 1.6380. If you are not long EUR already, then buy close to 1.6465 or upon a break above 1.6590 with a stop at 1.6380.
The material has been provided by InstaForex Company – www.instaforex.com
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