Elliott Wave technical analysis with trading signals for NZDUSD, AUDUSD, USDJPY, DXY, EURUSD by Igor Tereshchenkov
NZDUSD
Yesterday I wrote in detail about the indices, today it will be forex, and at the weekend – cryptos.
There are many options at the high degrees, so on the count of small ones, we have to proceed from the correlation with the dollar index. Which, apparently, plans to continue the devaluation.
On the 4H timeframe, I consider three options and I want to talk about each of them in detail.
Multi-colored, blue dotted line – an ascending zigzag with targets from 0.7. Under this option, it is forbidden to break through the orange and red levels until the wave “5” of (C) is set.
Gray dotted line is an upward impulse. Probably the most likely of the three counts. But not very consistent with the Australian dollar. Under the option, it is forbidden to breakthrough 0.618. Growth will continue to marks from 0.75.
The pink line is the least likely option. The last division remained up to the area of 0.66 and only then a moderate decrease of the pair.
As for trading, I would now recommend entering the long with a stop at any of the first waves.
USDJPY
I proceed from the assumption that triangle (X) of [4] has ended, and the initials are forming within the framework of “A” of (Y), now the upward correction, wave [ii], began, with targets in the area of red fibs and within the orange level. Targets for the entire zigzag (Y) are the range from 98 yen per US dollar.
In other words, I expect the yen to strengthen. Not only to the dollar but also to other currencies of developed countries. I’m going to take a short position on pair from the area of red fibs.
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AUDUSD
Similar uncertainty with kangaroos, as with kiwi. Only here is another priority of calculations due to the internal structure and high degrees.
A wave [4] is forming or formed in the form of a double zigzag or triangle. The hypotheses will be confirmed by green levels, their breakdown down. Until then, an option of the usual single zigzag is possible, in which an impulse (A) is forming – this is a gray movement scheme. It is consistent with the dollar index.
After the breakdown of green levels, if it takes place, there will be only downward options for the pair (weakening Australian dollar). Either after a triangle (sideways movement) [4] with a duration of up to several years or right away, within the wave [5].
DXY
EURUSD
I’ll finish today with the detailed updating of the euro on the 4H timeframe.
Until the critical levels are not broken, which are indicated by orange and red, I believe that initials are forming and partially have formed in a large uptrend with targets from 1.6+. On the chart, I have reduced the number of these initials as much as possible.
Let me remind you that on small degrees I am waiting for the completion of the wave [4] of “iii” or “iv” of (v). In any of these cases, the market is prohibited from the breakdown the red level down. A breakdown of this level opens the way to 0.85
Analysis by Igor Tereshchenkov @EightyNineWaves
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