NZDJPY Trade Idea - Elliott Wave
Let’s discuss the price chart of the NZDJPY currency pair based on the 480 minute timeframe.
From the Elliott Wave perspective, the price has likely completed Wave (4) with a 23% Fib retracement of the Wave (3). This is a typical retracement level when Wave (3) is extended by more than 161%, which is the case here.
From the Hurst Cycles perspective, the composite model line which measures the combined cyclical pressure, bottomed on March 11 (1st vertical line), and is projected to form a top on April 18 (2nd vertical line).
Based on this, we can expect prices to continue moving higher within the current uptrend. Price should take out the Wave (3) high before the upside momentum begins to subside and a corrective phase begins.
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From the Elliott Wave perspective, the price has likely completed Wave (4) with a 23% Fib retracement of the Wave (3). This is a typical retracement level when Wave (3) is extended by more than 161%, which is the case here.
From the Hurst Cycles perspective, the composite model line which measures the combined cyclical pressure, bottomed on March 11 (1st vertical line), and is projected to form a top on April 18 (2nd vertical line).
Based on this, we can expect prices to continue moving higher within the current uptrend. Price should take out the Wave (3) high before the upside momentum begins to subside and a corrective phase begins.
If you find this analysis useful, make sure to press the “Like” button and comment.