Friday, June 8, 2012

Elliott wave analysis of AUD/USD and EUR/NZD


 AUD/USD - I'm still looking for wave iii down to the ideal target at 0.9449. The short term price-action from 0.9732 became more muddy, than first expected, but red wave iv seems to have been an expanded flat correction, which ended at 1.0002 and we should now see red wave v down as an impulsive decline to the 0.9449 target. In the bigger picture that would only end wave iii down from 1.0856.

EUR/NZD - Wave v of 1 most likely ended at 1.6259, but the first part of the correction became an expanding flat correction, which took us down into the ideal target-area between 1.6235 - 1.6250 (the low was 1.6244). If wave a of the correction was an expanded flat I would expect wave b to decline close to the starting point of wave a at 1.6259, before wave c takes us up towards the ideal target-area between 1.6519 - 1.6544.

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