Elliott wave analysis of EUR/JPY and EUR/NZD

EUR/JPY

 

Today's Support and Resistance Levels:

R3: 130.72

R2: 130.42

R1: 130.14

Current spot: 130.11

S1: 129.81

S2: 129.42

S3: 129.12

Technical Summary:

Since my last update, the price-action has unfolded less impulsive than expected. Therefore I have changed my short term count slightly. That means the count above is now my preferred count closely followed by two other possible counts (see below). 

My preferred count shows, that the decline from 132.74 unfolded in a new zig-zag decline which I have labled Y and we have most likely seen a new X-wave to 130.72, which now acts as important resistance, which I expect will protect the upside for a break below 129.81 and more importantly a break below 129.42 calling for the final zig-zag lower toward strong support at 124.96 in a flat correction.

As can be seen my preferred count and the alternate count No. 1 is both calling for a move lower, while my alternate count No. 2 is calling for a break above 130.72 towards 132.00 to end wave d of a triangle. 



 

Alternate Count No. 1

 Alternate Count No. 2

EUR/NZD

Today's Support and Resistance Levels:

R3: 1.6472

R2: 1.6455

R1: 1.6432

Current Spot: 1.6404

S1: 1.6392

S2: 1.6329

S3: 1.6277

Technical Summary:

Since my last update the price-action has been pretty much as expected. I'm still looking for a decline closer to support at 1.6225 and maybe just below, but once this C-wave is over we should be looking for a new impulsive rally higher. 

Short term I expect minor resistance at 1.6472 will protect the upside for a break below 1.6392 for a continuation towards support at 1.6329 and at 1.6277 before the ideal target near 1.6225. Only a break above strong resistance at 1.6572 will indicate that a bottom is already in place and call for the next impulsive rally higher towards 1.7153 and above.