Elliott wave analysis of EUR/JPY and EUR/NZD for Novemeber 6 - 2013

EUR/JPY

Today's Support and Resistance Levels:

R3: 134.84

R2: 134.15

R1: 133.70

Current Spot: 133.42

S1: 132.85

S2: 132.55

S3: 132.27

Technical Summary:

We saw important resistance at 133.42 protect the upside for one last decline closer to 132.20 (the final low came in at 132.37). Following the low at 132.37 we have seen a powerful rally and seen a break above important resistance at 133.42, which indicates, that the final rally higher in wave c of v is developing. The ideal target for this wave v is at 137.05 and the absolute maximum for this rally is at 138.39 as wave iii can not be the shortest wave and that will be the case if we see a break above 138.39.

Short term I'm looking for support at 133.11 to protect the downside for a break above 133.45 towards 133.70 and higher towards 134.15 and 134.75 on the way higher to 137.05.

EUR/NZD

Today's Support and Resistance Levels:

R3: 1.6241

R2: 1.6185

R1: 1.6133

Current Spot: 1.6090

S1: 1.6057

S2: 1.6016

S3: 1.5929

Technical Summary:

We are getting very close to the Invalidation point at 1.6016 for my preferred count. If the above count is valid a break below 1.6016 can not accepted, as second wave are not allowed to break below the starting point of wave i. Therefore I'm expecting support at 1.6057 and more important support at 1.6016 to protect the downside for a break above 1.6133 and more importantly a break above 1.6241, which calls for a rally higher towards 1.6349 and 1.6422 on the way higher.

However, if we does see a break below the invalidation point at 1.6016 I will be forced to shift to a much more bearish count calling for a continuation lower towards at least 1.5493, but for now I'm holding firm and are looking for a bottom soon.