12.07.201310:17 Forex Analysis & Reviews: Elliott Wave analysis of EUR/NZD for July 12, 2013

Long-term review

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Today's Support and Resistance levels:

R3: 1.6798

R2: 1.6734

R1: 1.6671

Current spot: 1.6659

S1: 1.6620

S2: 1.6577

S1: 1.6545

Technical overview:

With a low at 1.6441 (just below our expected support at 1.6445) and the following clear break above the resistance line of the falling channel from the 1.7113 higher, we had the confirmation we needed to confirm that the triple zig-zag correction was over. We should now turn our focus towards the upside again for the next big rally higher. In short term we are looking for support at 1.6620 and we might just see a move lower to 1.6577 before the next impulsive rally higher towards 1.7049 as the next target followed by a break above the former high at 1.7113. Our long term count calls for a rally towards at least 1.8700 and likely even higher towards 1.9570.

Trading recommendation:

We are long EUR from 1.6335 with a stop at 1.6430. If you are not long EUR already, then buy EUR close to 1.6577 or upon a break above 1.6671 (one order done cancels the other) with the same stop at 1.6430.

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