FX.co ★ Elliott Wave Analysis of EUR/NZD for October 9, 2013

Today's Support and Resistance levels:

R3: 1.6464

R2: 1.6425

R1: 1.6398

Current Spot: 1.6362

S1: 1.6332

S2: 1.6293

S3: 1.6267

Technical summary:

The short-term consolidation is becoming pretty messy and hard to read, but as long as support at 1.6267 protects the downside, we will be looking for a break above 1.6405 and 1.6425 to confirm the next rally higher towards 1.6515 and 1.6987 in the next impulsive rally. However, as long as important resistance at 1.6405 holds firm, we have to be aware of the downside risk, which a break below 1.6267 will highlight for a new test of 1.6071 and lower towards 1.5872.

Trading recommendation:

Buy after a break above 1.6405 (buy at 1.6410) and place stop at 1.6280, or sell upon a break below 1.6267 (sell at 1.6255) and place stop at 1.6410