30.01.201411:17 Forex Analysis & Reviews: Elliott Wave Analysis of EUR/NZD for January 30, 2014

Long-term review

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Today's Support and Resistance levels:

R3: 1.6792

R2: 1.6763

R1: 1.6722

Current Spot: 1.6705

S1: 1.6660

S2: 1.6622

S3: 1.6592

Technical summary:

After an unexpected minor detour towards 1.6425 before we finally saw the expected red wave v rally higher towards 1.6792. Short term we expect a minor correction towards 1.6660 before the final rally higher towards 1.6792 to end red wave v and black wave iii.

In the long term we are looking for a new impulsive rally to above 1.6996 towards 1.7274 and higher. However the alternative count shows the possibility of a triangle could be building. If this is the case we should see wave D of the triangle end near 1.6900 and the followed by the final E wave towards 1.6470 (See the chart below).

Trading recommendation:

Stay long EUR from 1.6495 and lift your stop higher towards 1.6554 place your take profit at 1.6780. If you are not long EUR yet, the buy EUR close to 1.6660 with the same stop at 1.6554 and take profit at 1.6780.

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