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15.08.2012 10:33 AM
EUR/NZD - Elliott Wave Analysis for August 15 - 2012

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Today's Support and Resistance Levels:

S1: 1.5282                    R1: 1.5393

S2: 1.5266                    R2: 1.5445

S3: 1.5250                    R3: 1.5505

 

 

Technical Overview:
We are well on the way towards the first target for blue wave iii at 1.5443. Once we reach the blue wave iii target, we do expect a minor flat correction towards 1.5350 and maybe even 1.5293, but it should not move much deeper than that. After the correction, we will be looking for the one last rally in blue wave v towards 1.5492 as the first possible target.

Trading Recommendation:
You should be long EUR against NZD from 1.5210. Lift the stop from 1.4960 to 1.5190 and take profit at 1.5440.

Summary
Urgency
Analytic
Torben Melsted
Start trade
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