Elliott wave analysis of EUR/USD; GBP/USD; EUR/JPY and EUR/NZD

 EUR/USD - My call for a move a few pips below 1.2767 (the low was set at 1.2762) was a perfect call. The big question is now whether we will see a new impulsive rally to a new high above 1.3172 or we will see a new X-wave calling for one last corrective leg lower once the X-wave comes to an end. It's to early to tell, but we should expect a new impulsive rally beyond 1.3172 until we are proven wrong.

 GBP/USD - Here we are very close to get the first good indication, that a bottom has been found, with a break above 1.6039. A break above 1.6039 should cause a new push higher towards the Inverted S/H/S neckline at 1.6175. However we need a break above here to activate the formation for a rally higher towards important resistance at 1.6310.

 EUR/JPY - The trend-line support from the 94.10 low protected the downside yesterday and

after a correction towards 103.26 we should see a new attempt to break below this trend-line support. The next attempt should prove successful and cause a powerful decline towards 101.45 and likely even 101.04.

The risk to the bearish scenario is a break above 103.34 and more importantly 103.99, which will likely cause a rally to new highs closer to 104.75.

EUR/NZD - The break below the invalidation point at 1.5453 shifted the larger

picture towards a still ongoing correction from the top of wave 1 at 1.5902. As wave B of this corrective pattern was above the top of the start of wave A we call it an expanded flat correction under the Elliott Wave Principle. In an expanded flat correction wave B goes beyond the starting point wave A and wave C goes beyond the ending point of wave A. Yesterday we saw a small decline below the ending point of wave A, was that enough? No it was not enough, normally was C tend to go as much below the ending point of wave A as wave B broke above the starting point of wave A, which in this case means we should see a continuation down to 1.5300 before wave 2 is finally over.

In the short term I will be looking for a red wave iv correction towards 1.5588 and maybe even 1.5635 before the downside pressure takes over again for the final push towards 1.5300.