Elliott Wave Analysis of EUR/NZD for September 17, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.6421

R2: 1.6364

R1: 1.6348

Current Spot: 1.6307

S1: 1.6276

S2: 1.6227

S3: 1.6189

Technical summary:

We are still looking for a break above resistance at 1.6364 to confirm that wave C of the expanded flat correction is finally in place. A break above 1.6364 will not alone confirm that wave C is over, but it will also confirm, that the next impulsive rally higher towards 1.7274 and 1.7800 is developing. That said, we will have to accept the risk of an even deeper decline in wave C as long as resistance at 1.6364 protects the upside. A clear break below 1.6227 will call for a move lower towards 1.6117 before higher direction, but this outcome is not our preferred picture.

Trading recommendation:

If you are long in EUR from 1.6255, then stay long with a stop at 1.6200. If you are not long, wait to buy EUR upon a break above 1.6364 with the same stop at 1.6200.

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



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Elliott Wave Analysis of EUR/JPY for September 17, 2013 Trend News

Today's Support and Resistance levels:

R3: 133.37

R2: 133.17

R1: 132.64

Current Spot: 132.38

S1: 132.04

S2: 131.63

S3. 131.22

Technical summary:

We have been trading in a very narrow 40 pips range since yesterday. We are still looking for a break above 132.64 to confirm that red wave ii is over and red wave iii has taken over for the next impulsive rally higher towards 133.37 and 138.00 as the next major target. However, as long as resistance at 132.64 protects the upside we should accept the possibility for a new attack on support at 131.63, and if it is broken, a deeper correction towards 131.37 and, less likely, even lower towards 130.98 is expected before higher movements again.

Trading recommendation:

If you are long in EUR, then stay long with your stop at 130.95. If you are not long yet, then wait for a break above 132.64 to buy EUR with the same stop at 130.95.

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 September 17, 2013 . Thanks for your support on Elliott Wave Analysis of EUR/JPY for September 17, 2013