FX.co ★ EUR/NZD - Elliott Wave Analysis for September 6 - 2012

Today's Support and Resistance Levels:

S1: 1.5749 R1: 1.5860

S2: 1.5700 R2: 1.5902

S3: 1.5668 R3: 1.5972

Technical Overview:

The corrections continue to be of sub normal nature. However, that is what we normally expect in an extended third wave. We could have seen green wave iv end at 1.5752 yesterday and green wave v may also be in place with the new high at 1.5902, but it is still a little too early to tell anything for sure. However, if this is the case, we should be looking for blue wave iv correcting towards 1.5752 followed by a new rally to new highs near 1.5974 and maybe even 1.6088 to end blue wave v and red wave iii.

Trading Recommendation:

Buy EUR against NZD close to 1.5752 with a 1.5680 stop and take profit at 1.6085.