Elliott wave analysis of EUR/USD; NZD/USD and EUR/AUD

 EUR/USD

Please see my post from August 25 here first:
http://theelliottwavesufer.blogspot.dk/2013/08/elliott-wave-analysis-of-eurusd-gbpusd_25.html

With the break below 1.3187 we had the confirmation needed to confirm, that wave 2 did indeed end at 1.3452 and that wave 3 lower is developing. The first downside target is at 1.2993 followed by 1.2762. The ideal target for wave 3 will be at 1.1896, but it could extend lower.
Short term I'm looking for a move a Little lower towards 1.3150 followed by a correction towards 1.3244 before the next powerful decline.

NZD/USD Monthly

  



NZD/USD 8 Hourly

 

 

NZD/USD

 

 

The expected wave ii of 3 rally turned out to be of sub-normal length as we only reached 0.7875 before the next decline pushed us lower. The shallow correction indicates as I said on August 25, that the bears are in control here and we could easily see the bottom fall out of this cross for a very powerful decline.

Longer term I'm looking for much lower levels in this cross and would at least look for a decline towards 0.6560, but a break of this support calls for a much deeper decline towards the long term support-line, which currently comes in near 0.5420.

 

 

EUR/AUD

Please see my post from July 4 here first:
http://theelliottwavesufer.blogspot.dk/2013/07/elliott-wave-analysis-of-euraud-short.html

We saw the expected shallow correction in form of an expanded flat correction, which ended at 1.3902 easily holding above the support at 1.3814 I mentioned in my post from July 4.
Sine the wave iv of 3 low at 1.3902 we have seen a rally higher towards the 50% target (50% of the length taken from the start of wave i of 3 top the top of wave iii of 3 added to the bottom of wave iv of 3). We could still see a move closer to the 61.8% target at 1.5255, but a break below minor support at 1.4755 will likely rule out that possibility and confirm that wave 3 has finished with the test of 1.5030 and wave 4 is developing.
As wave 2 was a Deep zig-zag correction, we should expect some kind of flat correction or maybe a triangle. Only time will show. The target for wave 4? we should not look for anything deeper than the 38.2% correction target of wave 3, which comes in at 1.3934, but we have to accept the possibility of an even small correction Down to the 23.6% corrective target at 1.4353. Both targets will enter the territory of wave four of one lessor degree, which is what we would expect.