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20.08.2014 11:07 AM
Elliott wave analysis of EUR/NZD for August 20, 2014

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Today's support and resistance levels:

R3: 1.5888

R2: 1.5871

R1: 1.5848

Current spot: 1.5833

S1: 1.5795

S2: 1.5777

S1: 1.5748

Wave b of 2 has extended close to the wave 1 top at 1.5898 (the high has been 1.5888). It means a flat correction is unfolding and we should still see wave c of 2 lower to just below 1.5715 before a strong wave 3 will be ready to take over for a rally towards at least 1.6205. In the short run, we expect minor resistance at 1.5871 will protect the upside for a break below minor support at 1.5795 confirming the decline to just below 1.5715 to end wave c of 2.

Trading recommendation:

We are looking for a EUR buying opportunity at 1.5715 or upon a break above 1.5898.

Summary
Urgency
Analytic
Torben Melsted
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