Elliott Wave analysis of EUR/NZD for July 1, 2013 Trend News

Today's support and resistance levels:

R3: 1.6887

R2: 1.6841

R1: 1.6794

Current Spot: 1.6752

S1: 1.6690

S2: 1.6650

S3: 1.6600

Technical overview:

The break above 1.6801 and more importantly, the break above 1.6847 has forced us to change our count slightly. Overall, we are still looking for a deeper correction towards 1.6388, but we will have to stay flexible, as corrections very easily can change shape, from one day to the next. With the break above 1.6847 that is exactly what we have seen. The best way to count the decline from 1.7111 down to 1.6578 is as wave w and we are currently developing an x wave, which ideally should rally higher to 1.6908, before the next decline towards 1.6388 is seen. However, a direct break below support at 1.6690 will indicate that the X-wave did finish early and the next decline lower has already begun.

Trading recommendation:

Our stop at 1.6850 was taken out for a minor loss. We will be looking for a new EUR-selling opportunity at 1.6895. We will place our stop at 1.7010 if done.

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Elliott Wave analysis of EUR/JPY for July 1, 2013 Trend News

Today's support and resistance levels:

R3: 130.64

R2: 129.90

R1: 129.65

Current Spot: 129.30

S1: 128.80

S2: 128.45

S3: 128.09

Technical overview:

We are looking for a rally higher towards 131.27 or just above in red wave c. This should end wave b and should be followed by wave c lower towards at least 124.96 and possibly lower. We are currently in the part of the correction since the 133.81 high, that has the lowest visibility. Therefore, we are working with the pattern, which we think has the highest possibility, but it could easily change into a new pattern. The other possible pattern will be that the X-wave after the 126.15 low has turned into an running triangle (wave b ended lower than the start of wave a) and if this is the case. We are just about to finish wave e and begin the next powerful decline. If it is a triangle we should not see a break above 129.90.

Trading recommendation:

We are neutral awaiting the picture to clear. We are looking for selling opportunities and will sell EUR at 131.15 or upon a break below 126.57 (low of wave d, if it is a triangle)

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