EUR/NZD Elliott Wave analysis for June 13, 2013 Trend News

Today's support and resistance levels:

R3: 1.7109

R2: 1.6980

R1: 169.34

Current Spot: 1.6888

S1: 1.6798

S2: 1.6739

S3: 1.6662

Technical overview:

Our expectation of a top at 171.09 was clearly confirmed yesterday, as we broke below support at 1.6692 without any problems. We are looking for black wave iv declining to 1.6399 before the final black wave v can take over. In the short term, we are looking for resistance at 1.6934 to protect the upside for a break below 1.6798, which will confirm that the next decline lower is unfolding. However, if we break above 169.34 we might already have seen the bottom of black wave iv at 1.6537 and should expect a new rally towards 171.09.

Trading recommendation:

We short EUR from 1.6797 and will move our stop lower to 1.6950. We will place our take profit + reverse our short EUR position to a long EUR position at 1.6450. If you do not have short positions on EUR already, then sell EUR here or upon a break below 1.6798 with the same low risk stop.

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



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Elliott Wave Analysis of EUR/NZD for June 12, 2013 Trend News

Today's Support and Resistance Levels:

R3: 1.6992

R2: 1.6956

R1: 1.6920

Current Spot: 1.6836

S1: 1.6809

S2: 1.6772

S3: 1.6692

Technical Overview:

We think there was the culmination of black wave iii at 171.09 yesterday. It was a little higher than our ideal target near 1.7040, but then trying to pin-point the top of an extended wave three is not the easiest thing to do. In short-term, we are looking for a minor rally towards 1.6956 and ideally to 1.6992 before the next decline begins. This decline should break below 1.6800 and more importantly - below 1.6692, which will confirm that we have seen the top of black wave iii and that black wave iv towards 1.6399 is developing. That said, we must consider the possibility of black wave iv to be sub-normal, because of the strength of black wave iii, but only time will tell.

Trading Recommendation:

Take profit at 1.7015 was hit yesterday and we took a huge profit. We are now looking for a EUR-selling opportunity and will sell EUR at 1.6980 or upon a break below 1.6800 (one order cancels the other) with a stop at 171.15.

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



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