Elliott Wave Analysis On EURJPY And NZDUSD
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.
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.
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