Elliott Wave analysis of EUR/NZD for June 20, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.7023

R2: 1.6982

R1: 1.6937

Current Spot: 1.6876

S1: 1.6825

S2: 1.6789

S3: 1.6740

Technical overview:

We saw red wave ii of black wave v end at 1.6615 yesterday and as it would be expected of red wave iii, it was very explosive. However, we expect that it was only the first part of red wave iii and that we should soon see this rally higher continue towards 1.7109 and higher towards 1.7320. In the short term we are looking for support at 1.6810, which will ideally protect the downside for the next impulsive move higher towards resistance at 1.7109.

Trading recommendation:

We are long EUR from 1.6450 and will move our stop higher to 1.6610. If you are not long EUR already, then buy near 1.6810 or upon a break above 1.6937 (one order done cancels the other) with the same stop at 1.6610.

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



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Elliott Wave analysis of EUR/JPY for June 20, 2013 Trend News

Today's Support and Resistance levels:

R3: 129.95

R2: 129.34

R1: 128.78

Current Spot: 128.59

S1: 128.09

S2: 127.81

S3: 127.44

Technical overview:

After the break above important short-term resistance at 126.91 we expected a rally higher towards 128.28. We have seen a rally beyond that point, but it is no crucial any way. A break above resistance at 129.34 would not be expected, but only a break out of the falling channel will indicate that the wave 2 correction from 133.81 ended early and the next impulsive rally higher in wave 3 has already begun. However, if resistance at 129.34 protects the upside for a break below 127.81 and, more importantly, a break below 127.05 we know that we have a top in place for a new decline towards strong support at 124.96.

Trading recommendation:

We sold EUR at 128.20 and has placed our stop at 129.40. If you are not short EUR already, then sell EUR on a break below 127.82 with the same stop at 129.40.

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



For detail explanation and best discovery on market trends you may visit via Elliott Wave analysis of EUR/JPY for June 20, 2013 . Thanks for your support on Elliott Wave analysis of EUR/JPY for June 20, 2013