Today's Support and Resistance Levels:
R3: 141.91
R2: 141.61
R1: 141.37
Current Spot: 141.32
S1: 141.04
S2: 140.90
S3: 140.60
Technical Summary:
We have now seen a five wave decline from 145.69 down to 140.49 followed by a three wave rise to 142.91 and from 142.91 a new five wave decline. All confirms, that an important top has been seen at 145.69 and a major correction to the rally of the 2012 low at 94.10 to the 2013 high at 145.69 is developing. The first major corrective target is at 133.52, which marks the 23.6% corrective target, but it is more likely, that we will see an even larger correction towards 125.99, which marks that 38.2% corrective target.
Short term I will be looking for resistance at 141.61 and strong resistance at 141.91 to protect the upside for a break below support at 141.04 and more importantly for a break below 140.60, which confirms the next downswing towards 137.18 and likely even lower
EUR/NZD
Today's Support and Resistance Levels:
R3: 1.6594
R2: 1.6521
R1: 1.6499
Current Spot: 1.6419
S1: 1.6403
S2: 1.6359
S3: 1.6324
Technical Summary:
The correction from 1.6214 has become a more complex double zig-zag correction, with the first zig-zag (w) from 1.6214 to 1.6417 followed by an x-wave down to 1.6272 and then the second zig-zag correction (y) to 1.6499. We will likely see a new impulsive decline from 1.6499, which a break below 1.6403 and more importantly a break below 1.6359 will confirm, for a decline towards 1.6129 and maybe even 1.6049 in wave (v) and iii.
Longer term I'm looking for the ongoing wave C to end at 1.5793.
No comments:
Post a Comment