Euro Commodity Crosses Offer Range Opportunities


Commentary - With 5 waves complete at 1.4118, we still think that there is potential for a more significant upward correction before the next leg down begins. Potential support is at the 61.8% and 78.6% of 1.4118-1.4468 at 1.4252 or 1.4193. A break below 1.4118 would indicate that the next leg down is underway. 1.4469 and 1.4630 are potential resistance levels.
Strategy - Flat

Commentary - It looks like a complex correction is playing out from the 6/12 low at 1.5775. An initial a-b-c correction is wave W and a triangle is unfolding in wave X. Look for a terminal thrust to end above 1.6094 before the next leg of the bear trend begins. Resistance is at a former congestion zone at 1.6104/96.
Strategy - Move to flat (previously bearish)

Commentary - The EURNZD pattern is not very clear but given the fact that the AUD and the NZD are correlated, we are expecting the decline to extend as long as price is below 1.7752. The well formed channel on the daily indicates potential resistance close to 1.8000 in the weeks ahead.
Strategy - Flat