30.06.201411:05 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for June 30, 2014

Long-term review

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Today's Support and Resistance Levels:

R3: 1.5706

R2: 1.5663

R1: 1.5635

Current Spot: 1.5635

S1: 1.5584

S2: 1.5569

S3: 1.5530

Technical Summary:

We saw the first indication of a possible bottom being in place Friday upon the break above 1.5536. However, we still need a break above strong resistance at 1.5706 to confirm the bottom. The rally of the 1.5478 low does look impulsive in character. In short term we will be looking for minor resistance at 1.5663, which should be followed by a minor correction before the next rally to just above 1.5706. This will confirm that we have a firm bottom in place at 1.5478.

Trading Recommendation:

We missed our 1.5445 target slightly and will buy EUR at 1.5585 with a stop at 1.5470.

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