Elliott Wave Analysis: EURCAD And NZDJPY

Gregor Horvat

EURCAD: Current fall below wave A) swing low suggests that EURCAD can be in wave C) already which may continue south to 1.4100 or maybe even to 1.3930 ideal target. However, we must keep in mind that this is a corrective pullback from 1.4598; it’s a contra-trend move that will sooner or later send price back to bullish mode. Bounce in small five waves back to 1.4300 will put prices back in uptrend.

EURCAD Hourly Chart

EURCAD Hourly Chart

NZDJPY: What I see is a strong decline on NZDJPY which looks like an extended impulse in progress; currently with wave 3) seeking for a bottom. As such, bounce can be coming up in wave 4) from current levels and up to 78.40 region where former wave four and trendline may act as a good resistance zone for a sell-off into wave 5).

NZDJPY 4 Hour Chart

NZDJPY 4 Hour Chart

Source: www.ew-forecast.com

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