Wednesday, 21 August 2013

Elliott wave analysis of EUR/NZD for August 22, 2013 Trend News


Today's Support and Resistance levels:


R3: 171.53


R2: 171.00


R1: 170.74


Current spot: 170.47


S1: 170.00


S2: 1.6967


S3: 1.6934


Technical summary:


We are still looking for a top of wave i near 171.00 and should be ready for the first sizable set-back since this rally took of from 1.6325. The ideal target for this wave ii correction of wave i will be at the 38.2% retracement target at 1.6804. That said, we must remember that the corrections during wave i has been sub-normal and therefore we will have to monitor the coming wave ii closely, but for now let's focus on getting the top of wave i in place near 1.7100 and then where we can expect wave ii to end.


Trading recommendation:


We continue to stay neutral and wait for a wave to develop. We recommend placeing a EUR-buy order at 1.6810.


The material has been provided by InstaForex Company - www.instaforex.com



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