Monday, January 27, 2014

Elliott wave analysis of EUR/JPY and EUR/NZD for January 27 - 2014

EUR/JPY

Today's Support and Resistance Levels:
R3: 141.17
R2: 140.78
R1: 140.50
Current Spot: 140.45
S1: 140.12
S2: 139.68
S3: 139.15
Technical Summary:
The expected decline is developing nicely. Short term I expect resistance in the 140.50 - 140.78 area will protect the upside for a break below minor support at 140.40 and more importantly a break below 139.68, which confirms acceleration lower towards 135.39 in blue wave iii. A break below the base channel support line currently at 138.85 confirms the acceleration lower.
If blue wave ii extends look for resistance at 141.17 and again at 141.46, but I doubt we will see blue wave ii that high, even though second waves are allowed to correct all of the first wave.
EUR/NZD

Today's Support and Resistance Levels:
R3: 1.6752
R2: 1.6690
R1: 1.6629
Current Spot: 1.6600
S1: 1.6564
S2: 1.6516
S1: 1.6492
Technical Summary:
We have seen the expected correction into the correction area between 1.6462 - 1.6493 with a low at 1.6492. It looks as the ongoing red wave iv correction is a flat correction and therefore we should see one more decline towards 1.6492 maybe slightly below before the next rally higher to 1.6792 in red wave v and black wave v.
Short term we should see minor resistance at 1.6629 protect the upside for a break below 1.6564 towards 1.6492 before higher again.

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