empty
 
 
23.08.2013 08:22 AM
Elliott wave analysis of EUR/NZD for August 23, 2013

This image is no longer relevant

Today's Support and Resistance levels:

R3: 1.7153 (the top from August 5)

R2: 1.7100 (the ideal target for wave i)

R1: 1.7080 (current high for wave i)

Current Spot: 170.37

S1: 1.6998 (break below here will be first indication of a finish wave i)

S2: 1.6936

S3: 1.6855

Technical summary:

 

We have almost reached the ideal target for this wave i and we should soon see a wave ii correction develop. As long as support at 1.6998 protects the downside we could still see one last spike higher towards the ideal target at 1.7100, but from there or upon a break below 1.6998 we should see a corrective decline towards the 38.2% corrective target, which comes in at 1.6804. This correction could of cause be deeper, but looking at the speed wave i had and the impatient of the market we should only expect the minimum corrective target reached. But for now let's concentrate one picking the top of wave i near 1.7100.

Trading recommendation:

 

Sell near 1.7100 with a stop at 1.7200 or upon a break below 1.6998 (sell at 1.6990) with a stop just above the top of wave i with your target set at 1.6804 and perhaps lower.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback