Elliott Wave Analysis of EUR/NZD for September 30, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.6504

R2: 1.6418

R1: 1.6353

Current Spot: 1.6300

S1: 1.6264

S2: 1.6219

S3: 1.6200

Technical summary:

It is not quite clear whether wave ii ended at 1.6219 or that just was wave a of ii. We do favor the scenario, where wave ii did end at 1.6219, but we will have to stay flexible. If we only have seen wave a at 1.6219, then wave b of ii took us to 1.6418 and wave c of ii is currently unfolding for a move lower towards 1.6200, before wave iii takes over for a rally higher, at least, to 1.6776. Only a direct break above 1.6353 and more importantly a break above 1.6418 will confirm that wave iii is developing for the rally towards 1.6776 and higher towards 1.7274 in the longer term.

Trading recommendation:

Stay long in EUR from 1.6315 and move you stop to 1.6175. If you are not long in EUR yet, then buy at 1.6220 or upon a break above 1.6353 with the same stop at 1.6175.

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



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Elliott Wave Analysis of EUR/JPY for September 30, 2013 Trend News

Today's Support and Resistance levels:

R3: 133.53

R2: 132.95

R1: 132.42

Current Spot: 132.05

S1: 131.34

S2: 130.95

S3: 130.51

Technical summary:

With the break below 132.88 late Friday we knew, that the 1-2/1-2 scenario was incorrect, and we needed to switch to our expanded leading diagonal scenario. This scenario calls for a deeper correction towards 132.11 and, maybe, even lower towards 131.43. For now, we have seen a low at 131.73 and, therefore, we should expect a short-term correction towards 132.42, before the next push lower towards the ideal corrective target near 131.43. Only from here we should expect wave iii to take over for the next impulsive rally higher towards 137.45 and possibly higher. But for now, we should stay focused on the downside as wave ii is in power.

Trading recommendation:

The stop at 132.85 was triggered for a small loss. Place a new EUR buy-order at 131.55 with a stop at 129.25 or buy EUR upon a break above 133.53 with a stop a few pips below the most recent low.

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 30, 2013 . Thanks for your support on Elliott Wave Analysis of EUR/JPY for September 30, 2013