Elliott Wave Analysis: CADJPY and NZDUSD

By: Gregor Horvat | Fri, Mar 10, 2017
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CADJPY

CADJPY moved to a new swing high but is now reversing lower, ideally into a new three wave correction which can stop at 85.00 region. On the other-hand, decline with sharp price move towards 84.64 swing will suggest that rally from 84.17 was only a temporary bounce; a three wave move within still larger and ongoing dowtrend on higher time frame charts.

CADJPY, 1H

CAD/JPY 1-Hour Chart


NZDUSD

NZDUSD is not moving much, but is trading out of a downward acceleration channel which normally indicates a completed extended third wave. As such, new corrective fourth wave can already be here; wave 4 that can rise up to 0.6980-0.7000 resistance area from where we will expect a new decline next week.

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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