Elliott Wave Analysis On EURJPY And NZDUSD

By: Gregor Horvat | Fri, Feb 5, 2016
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EURJPY

EURJPY is trading in consolidation and if the choppy pullback continues to proceed to lower levels we might look for a potential entry on this pair. Since we expect one more wave up on EURUSD, we might see a possible impulse after this complex correction is over. Here again we have to look what will have the most effect on this cross, USDJPY or EURUSD since they often change.

EURJPY, 1H

EURJPY 1-Hour Chart


NZDUSD

On the larger time frame of NZDUSD, we see price trading in a correction in black wave IV. Fourth waves might drag in time and make things complicated, as price moves slow and choppy. We are probably in the long range triangle, now trading in wave C, that could be near completion. That said the triangle correction will be completed, after waves D and E unfold. When the triangle correction is completed, we expect prices to continue to lower levels.

NZDUSD, Daily

NZDUSD Daily Chart

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/

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