|GBP/USD Intraday Technical Analysis and Trading Recommendations for July 4,...|
|NZD/USD: Intraday Technical Analysis for July 4, 2012|
Today's Support and Resistance Levels:
1: 1.5600 1: 1.5694
2: 1.5581 2: 1.5723 (low of pink wave i - Should not be broken due the overlap rule)
3: 1.5533 3: 1.5823
We are in the very final part of the decline from 1.6969 and even more important, from 1.9511. The ideal target for this final decline is near 1.5533, from where a new rally is expected.
It is obvious from the chart above that wave v of the decline from 1.6969 extended and therefore, we should expect a powerful rally once the final low is in place. Why is a bottom near 1.5533 expected? Normally we should expect some kind of relationship between wave i through wave iii and wave v. At 1.5533 wave v will be 1.618 times longer than the decline from the top of wave i at 1.6969 to the bottom of wave iii at 1.6347.
Looking at the extended wave v, we can see that the red wave v will be 0.382 times longer than the decline from the top of red wave i at 1.6541 to the bottom of red wave iii at 1.5662 at 1.5547. Finally, looking at red wave v, we can see this wave evolving into a five wave decline (pink waves). The relationship between pink wave v and wave i - iii calls for pink wave v to end near 1.5522. We can see a cluster of supports in the area from 1.5522 - 1.5547, which ideally should mark the final low for the long term decline.
So, how do we trade this cross? We are trying to catch a few pips selling EUR against NZD. Therefore, buy EUR at 1.5555 with a 1.5490 stop or buy a above the break of 1.5723 (buy at 1.5730) with a stop just a tick below the lowest traded price.
Analytical expert: Torben Melsted
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