EUR/NZD Elliott Wave analysis for June 18, 2013 Trend News

Today's support and resistance levels:

R3: 1.6864

R2: 1.6800

R1: 1.6759

Current spot: 1.6725

S1: 1.6670

S2: 1.6629

S3: 1.6595

Technical overview:

With the break above important short-term resistance at 1.6590, we had the confirmation we needed to say that we did see the bottom of wave iv at 1.6388 and wave v higher towards the ideal target near 1.7640 is now developing. In the short term, we now find support at 1.6651 and strong support at 1.6595, which ideally will hold for the next rally higher towards our next targets 1.6913 and 1.6983, but they should just be small bumps on the way higher towards our ideal target near 1.7640.

Trading recommendation:

We long EUR at 1.6450 and will move our stop higher to break-even at 1.6450. If you do not have long positions on EUR yet, then buy near 1.6651 or upon a break above 1.6754 with a stop at 1.6450 too.

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



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EUR/NZD Elliott Wave analysis for June 18, 2013 Trend News

Today's support and resistance levels:

R3: 1.6864

R2: 1.6800

R1: 1.6759

Current spot: 1.6725

S1: 1.6670

S2: 1.6629

S3: 1.6595

Technical overview:

With the break above important short-term resistance at 1.6590, we had the confirmation we needed to say that we did see the bottom of wave iv at 1.6388 and wave v higher towards the ideal target near 1.7640 is now developing. In the short term, we now find support at 1.6651 and strong support at 1.6595, which ideally will hold for the next rally higher towards our next targets 1.6913 and 1.6983, but they should just be small bumps on the way higher towards our ideal target near 1.7640.

Trading recommendation:

We long EUR at 1.6450 and will move our stop higher to break-even at 1.6450. If you do not have long positions on EUR yet, then buy near 1.6651 or upon a break above 1.6754 with a stop at 1.6450 too.

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



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Elliott Wave analysis of EUR/NZD for June 17, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.6648

R2: 1.6590

R1: 1.6537

Current spot: 1.6485

S1: 1.6465

S2: 1.6447

S3: 1.6388

Technical overview:

With a low at 163.88 (just 11 pips below our ideal target at 1.6399) we have most likely seen the bottom of wave iv and should now see wave v higher. We still need a break above important resistance at 1.6590, but a break above here will confirm the bottom is in place at 1.6388 and call for a rally higher towards 1.7640 as the ideal target for wave v. In the short term we would like to see support at 1.6465 protecting the downside for the break above 1.6590, but we must allow for a move all the way down to 1.6388 before the next rally higher. However, support at 1.6388 cannot be broken with even a single pip as that would invalidate our bullish scenario.

Trading recommendation:

We took profit on our EUR short-position at 1.6450 and at the same time we reversed the position into a long EUR-position and we will place our stop at 1.6380. If you are not long EUR already, then buy close to 1.6465 or upon a break above 1.6590 with a stop at 1.6380.

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



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Elliott Wave analysis of EUR/JPY for June 17, 2013 Trend News

Today's Support and Resistance levels:

R3: 127.01

R2: 126.55

R1: 126.35

Current spot: 126.16

S1: 125.81

S2: 125.41

S3: 124.96

Technical overview:

Resistance at 128.17 protected the upside for a break below 126.16 which has open up the downside again for a new challenge of important support near 124.96. Once this support breaks we should see a powerful decline towards our target at 118.73, where wave 2 will have corrected 38.2% of wave 1. In the short term we could see a little more upside towards 126.55, but we should not see a break above 127.01 as that would indicate a new rally higher towards 128.29 before down again. However, a break below 125.81 and, more importantly, a break below indicates that the next real downside pressure has begun.

Trading recommendation:

We are short EUR from 130.75 and will move our stop lower to 127.10. If you are not short EUR already, then sell EUR close to 126.55 or upon a break below 125.81 (one order cancels the other) with a stop at 127.10.

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



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