Elliott Wave Analysis On USDJPY And NZDUSD

By: Gregor Horvat | Tue, Sep 20, 2016
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USDJPY

USDJPY remains on a bearish foot since pair accomplished that three wave rise last week at 103.37. We see lower highs and lower lows since then so we assume that's wave C headed to a new low and possibly to 100.50/80 area where pair may face some support this week, so bounce may follow from end of wave D); ideally after the FED.

USDJPY, 1H

USD/JPY 1-Hour Chart


NZDUSD

NZDUSD is at the high of the day but now at resistance with sub wave C at 50% retracement level and near former wave 4 swing high where usually market makes an important swings. As such, we think that upside can be limited soon and that bears could cause a turning pointing in the next 24 hours. From a confirmation point of view, a decline beneath wave "e of B" would indicate a completed wave 2).

NZDUSD, 1H

NZD/USD 1-Hour 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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