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03.10.2014 01:31 PM
Elliott wave analysis of EUR/NZD for October 3 - 2014

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Today's support and resistance levels:

R3: 1.6152

R2: 1.6120

R1: 1.6082

Current spot: 1.6059

S1: 1.6040

S2: 1.6012

S3: 1.5978

Technical summary:

We have seen a perfect test of the broken base-channel resistance-line at 1.5978 and this former resistance now support has protected the downside perfectly. We will now be looking for a break above 1.6120 as the first strong indication, that the correction from 1.6446 is over, but a break above 1.6242 is needed to confirm the bottom and the next rally higher towards 1.6446 on the way towards 1.6836. The risk is a break below 1.5978, that would call for a decline to the support-line near 1.5890 before higher.

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