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06.06.2014 01:33 PM
Elliott wave analysis of EUR/NZD for June 6, 2014

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Today's Support and Resistance Levels:

R3: 1.6148

R2: 1.6103

R1: 1.6045

Current Spot: 1.5974

S1: 1.5965

S2: 1.5920

S3: 1.5878

Technical Summary:

The failure to accelerate higher through resistance at 1.6210 has delayed the upside pressure for a correction towards 1.5920 and maybe slightly lower towards 1.5878 before the next rally higher should be expected.

In the short term, we will be looking for minor resistance at 1.6020 and 1.6045 to protect the upside for a break below 1.5965 indicating continuation lower towards 1.5920 before the next bottom should be expected.

Trading Recommendation:

Our stop at 1.6075 was hit for a nice big profit. Now,we will now be looking to buy EUR at 1.5925 with a stop at 1.5740.

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