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Tuesday, February 12, 2013

Elliott wave analysis of EUR/JPY and EUR/NZD

EUR/JPY

There was no time for one last decline in wave a, which the break above  minor resistance 124.50 confirmed. Currently wave b is unfolding and we could see one last move higher towards 126.78 as long as support at 125.50 has not been penetrated. A break below support at 125.50 will be the first indication, that wave b is over and wave c down has taken over. The final confirmation that wave c indeed is in motion will be a break below 124.52. The first target for wave c once it takes over will be at 122.37. The ideal target for this ongoing wave 4 will be at 117.24.

EUR/NZD

Strong resistance at 1.6072 was pierced, but important resistance at 1.6147 was never in any danger of being broken. We are now looking for a break below minor support at 1.5889 to confirm the next leg lower towards strong support at 157.50. The next move down will likely be very powerful a dynamic in its character and we should see a quick decline to 1.5892 once support at 1.5989 is broken. Short term we will find resistance at 1.6058, which ideally will protect the upside for the break below support at 1.5989.
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9 comments:

  1. UnknownFebruary 12, 2013 at 9:15 AM

    Hi

    Does this count right?

    Is this true triangle??

    Thank you

    http://www4.0zz0.com/2013/02/12/08/695996434.gif

    ReplyDelete
  2. UnknownFebruary 12, 2013 at 9:30 AM

    Hi,
    does this last observation on eur/nzd means that you have changed your overall bullish outlook for this pair? I think that before G-20 meeting many aspects of TA are distorted so it's hard to read the signs that the market is giving to us. But at the end, the EW analyses is not a matter of guessing but reading the chart so we should wait for clear signs.

    regards

    ReplyDelete
  3. Elliott wave surferFebruary 12, 2013 at 10:20 AM

    Hi Ahmad,

    I worked with the same triangle, so I believe it's okay.

    My count is very much like yours, so stay with your count and enjoy.

    Kind regards
    EWS

    ReplyDelete
  4. Elliott wave surferFebruary 12, 2013 at 10:23 AM

    Hi Marjan,

    No that does not change my overall bullish count. The reevaluated count just delays my expectation for the next rally higher.

    I can't tell if G20 has any influenze on the market. I don't believe it has, but that is just my humble opinion.

    Kind regards
    EWS

    ReplyDelete
    Replies
    1. UnknownFebruary 12, 2013 at 9:23 PM

      thanks EW, I'm already long eur/nzd and eur/aud.

      regards

      Delete
  5. UnknownFebruary 12, 2013 at 8:57 PM

    Hi EWS
    Had three good trades today with your outlook on eurnzd short 7am long 7.30am short 12.30am out of all trades now looking for next trades tomorrow keep up the good work look forward to your next post

    Best Regards JT

    ReplyDelete
  6. AnonymousFebruary 12, 2013 at 10:30 PM

    Hi EWS,

    Looks like facebook hit your original target of $27.15. based on the price action do you think that level will hold or will it drop further? thx!!

    ReplyDelete
  7. Elliott wave surferFebruary 13, 2013 at 5:51 AM

    Hi JT,

    Thank you!

    I will do my very best.

    Kind regards
    EWS

    ReplyDelete
  8. Elliott wave surferFebruary 13, 2013 at 5:54 AM

    Hi Hedgiefundman,

    It lookes like FB has more downside to cover. A move closer to 25.17 seems to be in the cards here, but the support is clearly getting stronger as we move lower.

    Kind regards
    EWS

    ReplyDelete

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