Friday, August 3, 2012

Elliott Wave analysis of EUR/USD; USD/JPY and EUR/JPY

My normal charting system is out of order so I have to use my back-up, therefore it will only be a short update today - Sorry


 EUR/USD - We saw a nasty wipe-saw yesterday, but it only marked the end of red wave b and we should now see a rally towards 1.2522 in red wave c, which ends the first part of a more complex correction, that began at 1.2044.

USD/JPY - I still look for a break above minor resistance at 78.68 to confirm the next rally higher towards 79.20, but in the bigger picture I'm looking for a break above resistance at 80.10 to confirm the next big rally towards 82.70 and higher.
The risk is still a break below 77.65, that will invalidate my count.
EUR/JPY - The decline from 97.33 is now clearly in three waves and upside pressure should soon see a break above 96.98 for a continuation towards 100.30 in wave iii.

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