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13.08.2014 10:47 AM
Elliott wave analysis of EUR/NZD for August 13, 2014

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Today's support and resistance levels:

R3: 1.5898

R2: 1.5866

R1: 1.5854

Current spot: 1.5835

S1: 1.5827

S2: 1.5814

S3: 1.5806

Technical summary:

Wave 1 ended early at 1.5898, just below our expected target of 1.5920. Wave 2 is now unfolding for a correction towards at least 1.5707 and possibly even lower towards the 1.5648 support. Once this wave 2 correction is over, we should be looking for a new powerful rally above the 1.5898 top for a rally towards at least 1.6203 and above here that will open up the upside for a much stronger rally in the longer term.

Trading recommendation:

Our stop at 1.5830 was hit for another nice profit. We will look for buying opportunties as wave 2 closes in on the 1.5648 - 1.5707 support area.

Torben Melsted,
Analytical expert of InstaForex
© 2007-2025
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