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

August 3, 2018 11:11 AM
Elliott Wave Analysis: USD/JPY & NZD/USD

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


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. 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/