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Friday, October 5, 2012

Elliott wave analysis of EUR/USD; EUR/JPY; EUR/NZD and Gold

 EUR/USD - Momentum is picking up and we should soon see a break above resistance at 1.3048 for a continuation higher towards 1.3197 and likely higher towards 1.3443
 EUR/JPY - The impulsive character is clearly getting more pronounced and it should be a question of time before we break clearly above resistance at 102.10
 EUR/NZD - A perfect test of 1.5898 and now we should see a minor correction towards the 1.5715 - 1.5745 area before the next rally higher. Be aware that we are in wave 3 up and correction in wave 3 tend to be small and sub-normal.
Gold - Has broken above resistance at 1,791 as expected and we should soon see a test of the next minor resistance at 1,802.89 towards the first target at 2,158.84.

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