Sunday, December 2, 2012
Elliott Wave Aanalysis on EUR/JPY and EUR/NZD
EUR/JPY - A clear close above the long term resistance-line on the monthly time frame is long term bullish and the first major target is 111.43.
Short term we have now broken above the Base channel resistance-line, which is the first clue, that wave 3 is going to extend. The Base channel resistance-line should now act a support for the next powerful rally higher.
EUR/NZD - Here too the long term resistance-line was broken on a monthly basis, which is long term bullish for this cross with the first major target being 1.6976.
Short term we are currently seeing a break above the Base channel mid-line, which opens up for the next powerful rally higher towards the Base channel resistance-line, which currently is close to 1.6300.
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