Elliott Wave technical analysis with trading signals for NZDUSD, AUDUSD, USDJPY, DXY, EURUSD
AUDUSD
After the 5 waves up in a pullback the pair is showing increasing signs of reversal for a downside continuation in long-term 5 waves down (4th wave pullback is coming to an end). Looking to short against 0.72500 on a wedge break and to add below 0.7150. The 5 wave downside count (2nd wave in motion) will be invalidated on a break above 0.7400 which we still don’t have.
USDJPY
Elliott Wave principle USDJPY expanding flat within larger ABC flat is still running and it seems to be in a 2nd wave of the impulsive wave higher. This is indicating a 104.40 as the key support for the invalidation of the pair upside continuation. We still, don’t have a break below 104.40, although is on a test for invalidation of the 3 rd wave to the upside. A confirmed break above the 106 is required for the upside extension and a test of 3rd wave beginning confirmation 109.500.
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DXY
The dollar is consolidating just above long-term support. Now an expanded flat correction ABC is coming to an end with the DXY testing the key long-term support 93. The bounce should come from here for an extended long-term 5th wave. We are bullish on USD against 92.50 and we just have a good bounce continuation. A break above 93.50 would confirm the structure and the beginning of the long-term 5th upside wave.
NZDUSD
Similar to AUDUSD but different in the structure as we are in the 3rd wave of the long-term downside impulsive decline. 5th wave seems to be finished within an ending diagonal but we still don’t have a confirmation. A break below the 0.6550 is needed for the downside reversal.
EURUSD
EURUSD is finishing the B in a running flat correction within the 3rd impulsive decline long-term by testing and being rejected by 1.1980 again. A break below the 1.17500 is needed for confirmation. The C should bring a break below 1.08000 for a downside continuation and a finish of 3rd wave.
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