AUDNZD: Expect A New Bullish Leg, USDJPY Update

Grega Horvat

AUDNZD has clear five waves up within wave A, just like a textbook example. Be aware of a three-wave correction within wave B that may follow, back to around 50%-61,8% Fibo. retracement and 1.06 level, from where we can expect a new bullish leg into wave C.

AUDNZD Hourly Chart

AUDNZD Hourly Chart

USDJPY can be ending its five-wave recovery within higher degree wave C, which means a new temporary three-wave reversal can follow. As we see, price reached the 109.46 level, where the upper Elliott wave channel line can slow price down. Also if price breaches below the lower channel line, then this would confirm a bearish turn, ideally towards the 108.53 level.

USDJPY Hourly Chart

USDJPY Hourly Chart

Source: www.ew-forecast.com

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