Elliott Wave Analysis of EUR/NZD for October 1, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.6514

R2: 1.6418

R1: 1.6353

Current Spot: 1.6288

S1: 1.6256

S2: 1.6220

S3: 1.6200

Technical summary:

As long as minor resistance at 1.6353 protects the upside we could see a deeper decline towards 1.6200, before wave ii is over. However, once we break above 1.6353 and more importantly above 1.6418 we should see a powerful acceleration higher towards at least 1.6800 and likely even higher towards the former top at 1.7274. The rally from the fifth low at 1.6089 has all the characteristics of an impulsive rally and therefore it should just be a matter of time before the next powerful rally higher begins.

Trading recommendation:

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

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#USDX Analysis for September 30, 2013 Trend News

The Dollar Index is to our 80 target by reaching 80.12. The index remains in downtrend, despite the upward bounce towards 80.40 that it made earlier today. Prices are moving down in an impulsive pattern and this places our next target at 80 or below. We remain bearish as long as prices trade below 80.65.

The bearish flag that we mentioned in the previous posts has broken downwards but also made a couple of back tests that got rejected at the resistance of 80.65. We expect prices to continue lower after the double rejection.

The lower lows and lower highs as shown in the 1-hour charts confirm that the trend is down and as long as prices trade below 80.65 it will remain like this. Therefore, the next target is at 80 or slightly below that level after today's upward bounce. A break above 81 could change a lot regarding both our short- and longer-term view on this index. If 81 is broken upwards, then the longer-term trend could again change to upward. For the time being we remain short as more Dollar weakness is expected.

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