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31.08.2012 11:27 AM
EUR/NZD - Elliott Wave Analysis for August 31 - 2012

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Today's Support and Resistance Levels:

S1: 1.5630                   R1: 1.5688

S2: 1.5583                   R2: 1.5706

S3: 1.5545                   R3: 1.5740

 

Technical Overview:  

We are still looking for a minor correction in maroon wave iv towards 1.5583 and maybe even 1.5545 to set the stage for the next rally higher in maroon wave v towards 1.5764 which will also mark the top of green wave iii. As we are looking for a series of waves three's and four's to the series of waves one's and two's we saw from 1.4968 to 1.5483, we expect the final red wave 5 in the area of 1.5942 to 1.6090 and the correction in between should be rather small.

 

Trading Recommendation:

We are still looking for an opportunity to buy EUR against NZD 1.5565 with a 1.5465 stop.

Torben Melsted,
Analytical expert of InstaForex
© 2007-2026
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Torben Melsted
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