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

This image is no longer relevant

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.

Summary
Urgency
Analytic
Torben Melsted
Start trade
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 $6000 more!
    In December we raffle $6000 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
  • 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