Elliott wave analysis of EUR/JPY and EUR/NZD for September 24 - 2013

 EUR/JPY

Today's Support and Resistance Levels:

R3: 134.24

R2: 133.92

R1: 133.57

Current Spot: 133.23

S1: 133.09

S2: 132.82

S3: 132.58

Technical Summary:

The correction from 134.95 has been much deeper than expected and the break below the top of red wave i at 133.37 has forced a change of my short term count. We now have two almost equal counts. The first which I prefer slightly and is shown on the chart above. Is that a series of wave one's and two's has developed and is should just be a matter of time before we will see the a series of powerful wave three's higher towards at least 137.45 and possibly higher. The second count is, that a leading diagonal has been building. This might call for a slightly deeper correction towards 132.79 and likely even 132.12 before we can expect the next rally higher. 

Short term a break above 133.56 and more importantly a break above 133.84 confirms the bottom and that the next powerful rally past 134.95 is developing.

EUR/NZD

Today's Support and Resistance Levels:

R3: 1.6348

R2: 1.6263

R1: 1.6235

Current Spot: 1.6217

S1: 1.6171

S2: 1.6122

S3: 1.6070 

Technical Summary:

The correction from 1.6070 has become slightly more complex than expected. Short term we could see a move closer to 1.6235 before the final decline towards 1.6011 should be expected. However, a break above 1.6235 will be a warning, that the bottom of wave C of the expanded flat correction could be in place, but to be sure we need a break above 1.6263 and more importantly a break above 1.6348, which will confirm the bottom for a new rally higher to 1.7475 and higher.