Elliott Wave analysis of EUR/NZD for May 24, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.6134

R2: 1.6085

R1: 1.6040

Current Spot: 1.5996

S1: 1.5955

S2: 1.5922

S3: 1.5887

Technical overview:

We are in a position where an acceleration higher towards 1.6481 could take place any time. In the short term we will be looking for a break above 1.6040 as the possible catalyst for this acceleration higher. Support is now found at 1.5955 and strong support at 1.5922, which we expect will protect the downside for the break above 1.6040 and an acceleration towards the target for red wave iii at 1.6481. Only a break below support at 1.5842 will confuse the overall bullish picture.

Trading recommendation:

We are long EUR from 1.5790 and will move our stop a little higher to 1.5835.

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EUR/JPY Elliott Wave analysis for May 24, 2013 Trend News

Today's support and resistance levels:

R3: 133.10

R2: 132.88

R1: 132.52

Current spot: 132.13

S1: 131.95

S2: 131.50

S3: 130.77

Technical overview:

We have seen a nice five wave decline from 133.81 down to 129.97, which marked wave i. The following correction of wave i has been a double zigzag correction from 129.97 up to 132.52. The correction to 132.52 was slightly above the 61.8% retracement target for wave i at 132.34, this correction marks wave ii and we should now see a very powerful wave iii towards at least 128.67, but it will be more likely, that we would see an extension lower to 126.29, before wave iii is over. The following wave iv correction should be a shallow correction to 128.67 and then the final wave v of A down to 124.92. This five wave decline in wave A should be followed by a 61.8% correction in wave B to 130.41 before wave C lower takes over for a decline down to 121.52. This will be the roadmap for the unfolding wave II correction over the coming weeks.

Trading recommendation:

We short EUR from 131.92 and will move our stop lower to 132.90. We will place our take profit at 125.35.

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GBP/JPY technical levels and trading recommendations for May 23, 2013 Trend News

Overview:

As it was expected yesterday, the price would continue its bearish move after breaking the support area that consists of the intersection point of the downward trend line and the support level 154.75. Today and as shown in the H4 chart, the pair has already broken this support area and currently is trading below it.Therefore we suggest more bearish signals now with the first target few pips above the support level 153.80, then we should stop till testing this support level. In case of closing below this level, this gives us a new opportunity for more bearish move till reaching the support level 152.50 and closing below it.

Resistance and support levels: R2 (157.50), R1 (156.75), S1 (154.75), S2 (153.80), S3 (152.50).

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