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Tuesday, July 30, 2013

Elliott wave analysis of EUR/JPY and EUR/NZD

 EUR/JPY

We saw the end of minor wave five at exactly 129.59, which was my first target. The rally of the low at 129.59 indicates, that wave i of c is over and that wave ii is developing. It is most likely that this wave ii will retrace a great part of wave i, so I would expect to see a correction of 61.8% of wave i, which will take us to 131.54 before wave ii might be over. However, as second waves are allowed to correct all of wave the first wave we could see a move closer to the 132.74 top, but under no circumstances can a break above the start of wave i at 132.74 be allowed. Once this ongoing wave ii is done I will be looking after a powerful decline in wave iii, but first let's concentrate on wave ii higher.

EUR/NZD

With the break above 1.6486 we had confirmation, that a bottom is in place for a new impulsive rally higher. To confirm, that we have seen an important low for wave ii I would like to see a break above strong resistance at 1.6686 as well, as that will confirm continuation higher towards 1.6818 and 171.13. Short term I'm looking for support at 1.6527 and important support at 1.6482, which ideally protect the downside for the rally towards 1.6686 and higher.
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4 comments:

  1. UnknownJuly 30, 2013 at 8:35 AM

    Hi EWS Great call on eunz and eujy for the start of the week
    With US30 are we still looking for last push higher close to 16000 before big correction.

    Best Regards jt

    ReplyDelete
  2. AnonymousJuly 30, 2013 at 9:18 AM

    Hi EWS,

    Indeed great calls as always and we thank you all for providing us such amazing analysis every day.

    Could you please make a short term analysis for AUD/NZD?As we have break the 1.1475 the level of a possible retracement upwards.You think we will go straight to 1.09 so the monthly h&s being completed and then upwards to 1.21 or so?Or this can be done earlier and then going to 1.09?What is your opinion here?

    Thank you in advance

    ReplyDelete
  3. Elliott wave surferJuly 30, 2013 at 11:06 AM

    Hi JT and e0fad45e-e3f6-11e2-bb4b-000bcdcb5194

    Thank you very much.

    Yes I still think we could see DJI towards 16,000 and maybe even slightly above.

    I will take a look at AUD/NZD later today and post an update.

    Kind regards
    EWS

    ReplyDelete
  4. UnknownJuly 31, 2013 at 2:52 AM

    Fantastic reading mate :), loved it

    ReplyDelete

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