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06.01.2015 06:46 AM
Elliott wave analysis of EUR/NZD for January 6 - 2015

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Technical summary:

We saw the expected resistance at 1.5679 protect the upside for a decline to new lows. We will now be looking for a break below support at 1.5407 confirming continuation lower towards support at 1.5205, where wave iii will be 261.8% longer than wave i. In the short term only a break above minor resistance at 1.5532 would delay the expected decline towards 1.5205. To invalidate the bearish count, a break above 1.5679 is needed.

Trading recommendation:

We are short EUR from 1.5620 and will move our stop lower to 1.5545. If you are not short EUR yet, then sell it near 1.5532 with the same stop at 1.5545.

Summary
Urgency
Analytic
Torben Melsted
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