empty
30.11.2012 10:53 AM
Elliott Wave Analysis on EUR/NZD for November 30, 2012

This image is no longer relevant

Today's Support and Resistance Levels:

S1: 1.5786               R1: 1.5801

S2: 1.5766               R2: 1.5836

S3: 1.5749               R3: 1.5901

Technical Overview: 

We have just seen the minor impulsive rally from 1.5679 which is the first clue that wave three is under way. We already know that wave three will be an extended wave as we have seen a series of waves one and two. Therefore, we should look for a very powerful rally once we break above important resistance at 1.5836. However, before we will see the break above 1.5836 we should see a minor correction towards 1.5766 and maybe even down to the 1.5732 - 1.5749 area before wave three really takes over. A clear break above 1.5836 will call for a continuation higher towards 1.6059 as the next major resistance, but in the long term we are expecting much higher levels.

Trading Recommendation:

We are long from 1.5800 with a stop at 1.5650. If you are not long EUR already buy at 1.5755 with the same stop.

Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

GBP/USD Analysis on June 19, 2025

The wave pattern for GBP/USD continues to indicate the formation of a bullish impulsive wave structure. The wave pattern is nearly identical to that of EUR/USD, since the U.S. dollar

Chin Zhao 20:20 2025-06-19 UTC+2

EUR/USD Analysis on June 19, 2025

The wave pattern on the 4-hour EUR/USD chart continues to indicate the formation of an upward trend section. The transformation in the structure has occurred solely

Chin Zhao 20:16 2025-06-19 UTC+2

Weekly Forecast Based on Simplified Wave Analysis for EUR/USD, USD/JPY, GBP/JPY, USD/CAD, NZD/USD, and GOLD – June 19th

The upcoming week is expected to be flat for the euro. A reversal and downward movement are anticipated from the resistance zone by midweek. The projected support zone indicates

Isabel Clark 10:50 2025-06-19 UTC+2

Weekly Forecast Based on Simplified Wave Analysis for GBP/USD, AUD/USD, USD/CHF, EUR/JPY, EUR/GBP, and the US Dollar Index – June 19th

At the beginning of the upcoming week, the British pound may complete its upward movement, possibly reaching the resistance zone. Afterward, we can expect the currency's fluctuations to shift into

Isabel Clark 10:45 2025-06-19 UTC+2

GBP/USD Analysis on June 18, 2025

The wave pattern for GBP/USD continues to indicate the development of a bullish impulse wave structure. The pattern is almost identical to that of EUR/USD, as the driving factor

Chin Zhao 20:01 2025-06-18 UTC+2

EUR/USD Analysis on June 18, 2025

The wave pattern on the 4-hour chart of the EUR/USD pair continues to indicate the formation of a bullish trend segment. This transformation is entirely due to the new U.S

Chin Zhao 19:56 2025-06-18 UTC+2

GBP/USD Analysis on June 17, 2025

The wave pattern on the GBP/USD chart continues to indicate the formation of an upward impulsive wave pattern. The wave layout closely mirrors that of EUR/USD, as the main driver

Chin Zhao 21:24 2025-06-17 UTC+2

EUR/USD Analysis on June 17, 2025

The wave pattern on the 4-hour EUR/USD chart continues to indicate the development of an upward trend segment. This transformation occurred solely due to the new U.S. trade policy. Until

Chin Zhao 21:18 2025-06-17 UTC+2

GBP/USD Analysis on June 16, 2025

The wave pattern for GBP/USD continues to indicate the development of an upward impulsive trend. The wave pattern is almost identical to that of EUR/USD, as the main driver

Chin Zhao 19:48 2025-06-16 UTC+2

EUR/USD Analysis on June 16, 2025

The wave pattern on the 4-hour EUR/USD chart continues to indicate the development of an upward trend segment. This transformation occurred solely due to the new U.S. trade policy. Until

Chin Zhao 19:45 2025-06-16 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.