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21.08.2012 10:14 AM
EUR/NZD - Elliott Wave Analysis for August 21 - 2012

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Today's Support and Resistance Levels:

S1: 1.5210                    R1: 1.5301

S2: 1.5187                    R2: 1.5335

S3: 1.5170                    R3: 1.5386

 

 

Technical Overview:
We do not think that blue wave ii is finished yet and do expect a little more downside pressure towards 1.5157 from where the more dynamic and powerful blue wave iii is expected to take over for a rally towards strong resistance near 1.5500. In the larger picture a break above resistance at 1.5500 will be the first good indication that we have seen an important bottom with the test of 1.4968 and much higher levels should be seen longer term. But for now let us concentrate on blue wave ii and where it will finish.

Trading Recommendation:
Buy EUR against NZD at 1.5180 with a stop at 1.5090 and consider taking profit at 1.5485.

Summary
Urgency
Analytic
Torben Melsted
Start trade
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