Elliott Wave Analysis: USD/JPY & NZD/USD update

Elliott Wave Analysis: USD/JPY & NZD/USD

USD/JPY 
As expected, after the nonfarm payroll report the U.S. dollar/Japanese yen (USD/JPY) currency pair dropped perfectly from projected resistance, so we can expect now even more weakness back below 111.30 region, especially according to higher timeframe charts, where we are tracking even more bearish counts. That said, USDJPY can fall hard, especially if US stocks turn down from projected resistance.


USD/JPY, 1-hour


USD/JPY, 4-hour

 

NZD/USD
The New Zealand/U.S. dollar (NZD/USD) currency pair can be trading in a five-wave bearish movement, down from the 0.6833 swing high. We are specifically looking at recent sharp intra-day recovery which can be corrective wave iv), and can also look for resistance at the Fibonacci ratio of 38.2. A sharp drop from the mentioned Fibonacci would indicate wave v) to be in play, towards the 0.6700/0.6690 area.



NZD/USD, 1-hour

 

About the Author

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.