FX.co ★ Elliott Wave Analysis of EUR/NZD for November 29, 2013

Today's Support and Resistance Levels:

R3: 1.6970

R2: 1.6890

R1: 1.6843

Current Spot: 1.6799

S1: 1.6749

S2: 1.6710

S3: 1.6637

Technical Summary:

With the clear break above 1.6733, the green wave v is extending and the next target for green wave v is at 1.6970, where green wave v is 100% of the distance traveled from the bottom of green wave i to the top of green wave iii. As we also have broken clearly out of the base-channel, we should expect only small or even sub-normal corrections as wave iii extends higher.

Short-term we should expect support at 1.6749 will protect the downside for a continuation higher towards 1.6970. A break below 1.6749 or more importantly a break below 1.6710 will call for a deeper correction towards 1.6625.

Trading Recommendation:

As we have missed two buying opportunities and we have broken clearly out of the base-channel, we will wait no longer. We will buy EUR here at 1.6799 with a stop at 1.6590.