Elliott wave analysis of EUR/NZD for August 22, 2013 Trend News

Today's Support and Resistance levels:

R3: 171.53

R2: 171.00

R1: 170.74

Current spot: 170.47

S1: 170.00

S2: 1.6967

S3: 1.6934

Technical summary:

We are still looking for a top of wave i near 171.00 and should be ready for the first sizable set-back since this rally took of from 1.6325. The ideal target for this wave ii correction of wave i will be at the 38.2% retracement target at 1.6804. That said, we must remember that the corrections during wave i has been sub-normal and therefore we will have to monitor the coming wave ii closely, but for now let's focus on getting the top of wave i in place near 1.7100 and then where we can expect wave ii to end.

Trading recommendation:

We continue to stay neutral and wait for a wave to develop. We recommend placeing a EUR-buy order at 1.6810.

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Elliott wave analysis of EUR/NZD for August 22, 2013 Trend News

Today's Support and Resistance levels:

R3: 171.53

R2: 171.00

R1: 170.74

Current spot: 170.47

S1: 170.00

S2: 1.6967

S3: 1.6934

Technical summary:

We are still looking for a top of wave i near 171.00 and should be ready for the first sizable set-back since this rally took of from 1.6325. The ideal target for this wave ii correction of wave i will be at the 38.2% retracement target at 1.6804. That said, we must remember that the corrections during wave i has been sub-normal and therefore we will have to monitor the coming wave ii closely, but for now let's focus on getting the top of wave i in place near 1.7100 and then where we can expect wave ii to end.

Trading recommendation:

We continue to stay neutral and wait for a wave to develop. We recommend placeing a EUR-buy order at 1.6810.

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



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Elliott wave analysis of EUR/JPY for August 22, 2013 Trend News

Today's Support and Resistance levels:

R3: 131.56

R2: 131.20

R1: 131.03

Current spot: 130.88

S1: 130.63

S2: 130.21

S3: 129.90

Technical summary:

Well once again we saw a break above resistance at 131.01, more and more evidence is pointing towards the triangle as the preferred count. That means we should see a continuation higher towards strong resistance near 132.00 to end wave d and then one last decline towards 129.98 and maybe even down to 129.50 before wave e of the triangle is in place. However, once wave e of the triangle is done, we can expect a new very powerful rally higher towards 170.00, but for now we have to concentrate on getting this triangle finished.

Trading recommendation:

Place a EUR buy order at 130.10 and one at 132.85 (just above the top of wave c). One order done cancels the other.

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Elliott Wave analysis of EUR/NZD for August 21, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.7100

R2: 1.7050

R1: 1.7006

Current spot: 1.6975

S1: 1.6925

S2: 1.6856

S3: 1.6835

Technical summary:

We should be close to the top of wave i of the new impulsive rally which began at 1.6325. We expect the top to be set close to 1.7100 from where we should expect a correction towards at least 1.6915 and, more likely, down to 1.6804, where wave ii will have corrected 38.2% of wave i. If wave ii ends at 1.6804 it will still be a sub-normal correction for a wave ii and indicate underlying strength in this cross.

In the long term we are looking for much higher levels.

Trading recommendation:

We are looking for an EUR-buying opportunity. Buy EUR near 1.6804 (buy at 1.6810).

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Gold Elliott wave analysis for August 21, 2013 Trend News

Support is being held by Gold prices and the possibility for a new high towards 1,400 is very real. The downward price actions seems corrective and as long as prices trade within the upward sloping channel, then we should expect another leg higher towards 1,390-1,400.

Short term support is found at 1,356 and 1,350. Short term resistance is found at 1,367 and then at 1,382. If resistance breaks then we target 1,390-1,400. If support breaks then we could see a pull back towards 1,340. We believe it is more possible to see an upward break towards 1,390-1,400.

Even at the daily chart we observe that prices are most probably consolidating before another push higher towards 1,400. Entering long positions near the blue sideways support trend line are advised as this will minimise risk. We prefer taking long positions near supports and add to those long positions is resistance levels break and at the same time raising our stop. Always trade with stops in order to protect yourselves.

Concluding, we are mildly bullish target 1,400 as Gold prices seem supported at 1,350.

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