Elliott wave analysis of EUR/JPY and EUR/NZD

 EUR/JPY

Today's Support and Resistance Levels:

R3: 131.04

R2: 130.50

R1: 130.24

Current Spot: 130.20

S1: 130.08

S2: 129.87

S3: 129.42 

Technical Summary:

Even though we saw a rally past resistance at 130.72 yesterday, the high came in early at 131.04 in what looked like a expanded ending diagonal, because of the early high and the expanded ending diagonal, I will keep the above as my primary count. That said I still have two Alternate Count (see below) tailing just behind and the odds are almost equal between them. For the above scenario we will ideally see a decline towards support at 129.87 followed by a correction towards 130.50, maybe slightly higher towards 130.69 before the next powerful (impulsive) decline breaks below 129.87 for a continuation down towards 128.84.

However, the risk is a direct break above 130.50 and more importantly a break above 131.04, which would call for a continuation higher towards 132.00 and will make the triangle count the new preferred count.

 

 Alternate Count no. 1

Alternate Count no. 2

 

EUR/NZD

Today's Support and Resistance Levels:

R3: 1.6798

R2: 1.6759

R1: 1.6730

Current spot: 1.6701

S1: 1.6666

S2: 1.6629

S3: 1.6572

Technical Summary:

The decline only made to 1.6325 before a very powerful rally took over and with the break above important resistance at 1.6570 we must consider the major X- wave, that began from 171.13, as finished. Therefor I'm looking for a new powerful zig-zag combination higher towards 1.7643 and more likely towards 1.8463 longer term. Short term I'm looking for support at 1.6666 to protect the downside for the move higher towards 1.6798 and maybe even higher towards 1.6870.