Today's Support and Resistance Levels:
R3: 131.95
R2: 131.60
R1: 131.28
Current Spot: 131.12
S1: 130.94
S2: 130.70
S3: 130.56
Technical Summary:
I'm still looking for a rally towards 131.95 as the most likely target for this first impulsive rally of the 129.30 low. The short term correction I expected yesterday turned out to be a bit more complex, but it should just be a matter of time now, before we see a break above 131.28 and more importantly a break above 131.40 to confirm that the last minor wave of this first impulsive rally is developing. The most likely target is at 131.95, but it could extend towards 132.28 and even 132.59 before we should see a minor correction in wave ii towards 130.95.
Today's Support and Resistance Levels:
R3: 1.7071
R2: 1.6995
R1: 1.6933 (Important short term resistance)
Current Spot: 1.6863
S1: 1.6829
S2: 1.6801 (Recent low)
S3: 1.6762
Technical Summary:
The wave path I expected yesterday took on a slightly different path as blue wave iii of red wave v (see the 15 minute chart below) extended more than expected and blue wave iv became an expanding triangle, that meant a deeper decline in wave v towards 1.6801. Short term we would like to see support at 1.6829 protect the downside for a break above minor, but important, resistance at 1.6933 as a break above here will be the first good indication, that wave ii is in place and wave iii higher towards 1.7274 and 1.8228 is developing. The risk is a break below 1.6801, that would delay the expected rally for a move closer to 1.6762 before up.
Hi EWS
ReplyDeleteTHanks a lot on eur/nzd deep analysis. I am just
concerned about australian dollar recent price
action do you think daily analysis need one more
decline and do yov think anothe triangle in B wave building up.
Looking for an update
Kindest regards
Hi Aman,
ReplyDeleteIt's to early to tell whether a new B-wave triangle is building, but we can't rule out that option.
As long as support at 0.8848 protects the downside we have to accept the possibility of one more rally higher towards 0.9350 or as you say a possible new B-wave triangle building.
Kind regards
EWS
Hello EWS,
ReplyDeleteHats off to your analysis on EURJPY. The whole world was bearish on EJ but you were early (timely) to csatch the reversal. Great job!!
Now that EURNZD has corrected more than the lvls you have outlined - does this down move looks impulsive? Any revision in counts as key support lvls have been taken out?
Always apreciate your responses.
Thanks
Sanjay
Hi Sanjay,
DeleteThank you very much!
Yes EUR/NZD took the risk scenario and I have changed my short term Count slightly, but only for a deeper correction than I first expected. The bigger Count has not been changed as I still Count the decline as a wave ii correction and wave iii should soon take over for a powerful extended rally higher.
Kind regards
EWS