Elliott Wave Analysis On EURJPY And AUDNZD
EURJPY is higher as JPY is trading lower against all major currencies. On the update chart of EURJPY we see price trading at interesting resistance area, at 114.40-114.70 where market may turn lower if we consider that leg up from Sep 21st can be counted in seven legs, thus a double zigzag can be coming to an end. A small impulse down and through red wave b) support would put market in first step of a bearish price move.
On The AUDNZD we see a clear five waves up from 1.0237 low, so ideally that’s the start of a new bullish cycle that is expected to resume after a three wave retracement. We see wave a down, followed by recent higher price in wave b, so looks like that wave c is in play for 1.0400-1.0450 area where market can jump back to the bullish side.
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