Elliott Wave Analysis On AUDNZD And GBPJPY
US market is open for trading. Jobless claims came out in line with expectations in the US. On one of the pairs, AUDNZD we noticed a possible A)-B)-C) pullback that can be near completion in red wave C). We can count 5 waves up with an unusual spike, that completed wave A) and a three wave move in wave B) that developed. Now this higher degree zig-zag could be near completion, as we expect one more push down in the red wave C) and we will observe what will happen when price touches 1.03250-300 zone. We would like to see an impulsive wave up to unfold from this area, which could lead to a higher bullish sequence.
On the GBPJPY we are in the final stages of a higher degree impulsive wave, which can be near completion as we are tracking final wave 5). This final wave 5 may reach 127.180 region, where Fibonacci ratio of 200 can act as a support and a turning point higher. If for some reason sub-wave 4 trades into the territory of black wave 1, than we would adjust the final wave count.
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