Hello fellow traders, in this technical blog we’re going to take a quick look at the past Elliott Wave charts of NZDJPY to see how we guided our members through this instrument.
The chart below is $NZDJPY daily update from 11.07.2016 It’s suggesting we’re in the potential pull back X red from the 76.90-78.01 area, before resumes higher again toward target area : 79.81-81.61
Now let’s take a look at the short term structures…
Since November 08/2016 when the pair broke July 12th peak, we got 5 swings in the cycle from the 06/24 low which was confirmation for our bullish forecast. The day after,short term peak at 77.85 got broken, so we got incomplete bullih sequences in the cycle from the 08/03 low as well. We knew that buyers are going to push the price higher, targeting the 79.8 area. We suggested our members to avoid selling NZDJPY pair and advised buying dips in the ((x)) black pull back against the 73.66 pivot. Eventually, wave ((x)) pull back has reached proposed entry area (75.77-75.27 ), and so far it made rally of approximately 500 points.
Now, let’s take a quick look at our Elliott Wave Forecasts.
$NZDJPY 11.13.2016 Weekend Update The pair is reaching 50-61.8 Fibonnaci retracement area at 75.77-75.27 ( buy zone) . It’s expected to complete wave ((x)) pull back before rally resumes toward new highs ideally.
$NZDJPY h1 NY Update 11.14.2016 The pair Reached 50-61.8 fibs and made nice reaction from there. We’re calling ((x)) black pull back completed at 75.64 low, suggesting further strength toward new highs while the price holds above mentioned low.
$NZDJPY Asia h1 Update 11.30.2016 The price made nice rally of approximately 500 pips, making only shallow pull backs and keep find buyers. It has finally reached mentioned target at 79.81-81.61 .
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