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Friday, August 3, 2012

Elliott Wave analysis of EUR/USD; USD/JPY and EUR/JPY

My normal charting system is out of order so I have to use my back-up, therefore it will only be a short update today - Sorry


 EUR/USD - We saw a nasty wipe-saw yesterday, but it only marked the end of red wave b and we should now see a rally towards 1.2522 in red wave c, which ends the first part of a more complex correction, that began at 1.2044.

USD/JPY - I still look for a break above minor resistance at 78.68 to confirm the next rally higher towards 79.20, but in the bigger picture I'm looking for a break above resistance at 80.10 to confirm the next big rally towards 82.70 and higher.
The risk is still a break below 77.65, that will invalidate my count.
EUR/JPY - The decline from 97.33 is now clearly in three waves and upside pressure should soon see a break above 96.98 for a continuation towards 100.30 in wave iii.
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  1. UnknownAugust 5, 2012 at 2:35 AM

    Hi ........
    I saw the eur/yen confirmation But my cause of concern is still nzd/usd and eur/nzd because I am looking to trade exotic currencies and nzd/usd is the big driver of gbp/nzd and euro/nzd What is the most recent outlook as far as I am concerned in my last reply to your post I was looking for 0.8205 and it is just here But what would be the entry point the way I am looking at it seems to be a bull market irregular flat scenario devloping which will take pair to 0.8000 level and then again bullish scenario develop but I want to take your opinion on trading nzd/usd and possible point to sell the pair as in risk aversion euro bulls moving the pair higher so bit more high prices in nzd/usd can be expected .............

    So I would waiting to know your opinion on eur/nzd as well because every time price make a new low it spike up 100 to 150 pips to counter that bottom is placed but I am still looking for 1 2 and 3 confirmation points before the pair rally according to your chart..............

    One more pair is waiting to get noticed and I think we are just at the start of abc correction of z wave or it might have finished at 0.9970 i will be watching 1.0075 and then 1.0140 to clear and then final 1.0251 ............Need your help to plan trade for next week. Hope you show up soon with your charting software...............

    Looking back for your replies and thanks a lot for your great help in learning wave patterns..........I made total of 350 pips last week with no Loss and the best trade was eur/yen long from 95.50 and gbp/chf short from 1.5340

    Take care

    REgards

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