60.0 Region Can be Seen on NZDJPY


Hello fellow traders,

NZDJPY recently broke below the recent swing low of wave D of a bigger triangle correction, which now suggests a completed triangle, and a bearish continuation. If that is the case, then a five-wave drop may follow into a higher degree wave C), targeting 60.0 region.

NZDJPY, Weekly

NZDJPY Weekly Report 2019-08-13

On the 4h chart of NZDJPY we have a closer look of the impulsive cycle that got underway at the 73.21 high. We can see five fives down to 67.55 area, from where a new, temporary, corrective pause may have started to take place. As you know, in Elliott wave theory once a five-wave (impulsive) move is completed, that is when a three-wave pullback may follow. Now we are tracking a corrective wave 2 which can unfold a simple zig-zag pattern, and can look for resistance near the 69.5/70.2 region. At the mentioned zone, bears can again take over.


NZDJPY 4 hour chart 2019-08-13



Elliot Wave Technical Analyst

Gregor Horvat is based in Slovenia and has been in the Forex market since 2003. He has been working for Capital Forex Group and TheLFB.com.

He is the owner of www.ew-forecast.com, which prov...continued

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