Elliott Wave Analysis On EURJPY And NZDUSD
EURJPY
EURJP is still searching higher for the wave C resistance. Possible resistance can be seen around 117.50-70 area, from where even a reversal lower may occur. Keep in mind that for a successful reversal, a five wave structure to the downside is needed for confirmation.
EURJPY, 4H
Click to Enlarge
NZDUSD
On the 1h chart of NZDUSD, we are observing blue wave C-circled in final stages to the upside, from where a new bearish reversal may come in play, ideally next week. On the larger time frame we believe this pair is trading in an ending diagonal, a powerful reversal pattern, where all five waves are made out of three sub-waves each. So in red wave 5) we are now waiting for the last wave Y to show up and ideally unfold to around 0.736 levels, where the Fibonacci ratio of 61.8 can act as a turning point into lower levels.
NZDUSD, 1H
http://www.ew-forecast.com/service
Find more: Contributing Authors
