NZDUSD and EURJPY Update - Elliott wave Analysis

Gregor Horvat Wavetraders

NZDUSD made a new low, down from 0.6608 level which is an indication of a completed minor leg iv and that wave v is in play. Despite current drop, we see price approaching some support regions, so be aware of a temporary three-wave reversal which may follow from around the Fibonacci ratio of 38.2.

NZDUSD, 1h

EURJPY is also dropping, ideally unfolding a five-wave minor development as part of wave 5 of one higher degree. Support for wave 5 can be around the Fibonacci ratio of 138.2/161.8, from where a new three-wave rally can follow.

EURJPY, 1h

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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