Elliott Wave analysis of EUR/NZD for August 26, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.7238

R2: 1.7182

R1: 1.7134

Current Spot: 1.7109

S1: 1.7066

S2: 1.7006

S3: 1.6935

Technical summary:

We most likely saw the top of wave i on Friday with the test of 1.7197 and we should now expect the wave ii correction, at least, towards 1.6864, where wave ii will have corrected 38.2% of wave i. This is also where we saw wave four of one lessor degree and that is a very common target for second waves. That said it should be remembered, that second waves are allowed to correct all of the first wave, but it can never go beyond the start of wave one, which in this case would be at 1.6325. However, taking into consideration how powerful this wave i has been we should not expect to much of wave ii. Longer term we are looking for much higher levels in this cross with 181.33 being the next major long term target.

Trading recommendation:

Stay short from 1.7100 with a stop at 1.7185. Take profit + position reverse to a long EUR position at 1.6905.

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



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Elliott wave analysis of EUR/JPY for August 26, 2013 Trend News

Today's Support and Resistance levels:

R3: 133.81

R2: 132.74

R1: 132.31

Current Spot: 132.07

S1: 131.68

S2: 131.22

S3: 130.85

Technical summary:

Wave d of the triangle is now in place and we will be looking for the last decline as wave e. It is expected the e-wave normally relates to the d-wave with some Fibonacci relationship, but e-waves can be any of the corrective patterns we know, even triangles. However, once this e-wave of the triangle is in place, we should be looking for a new powerful rally higher towards 139.21 and, in the longer term, we are looking for a rally towards 170.00. That said for now we should concentrate on the e-wave, which ideally will decline to 130.18 and maybe deeper towards 129.65 before the next rally higher.

Trading recommendation:

Look to buy EUR at 130.25 or upon a break above 132.74 (top of wave c). One order done cancels the other.

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 August 26, 2013 . Thanks for your support on Elliott wave analysis of EUR/JPY for August 26, 2013