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GBP/JPY Elliott Wave Count and Fibonacci Levels for June 1, 2012

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Overview:
  • The NZD/USD pair will continue its movement straight from the level of 0.7418 on the H4 chart. The level of 0.7418 is coinciding with the ratio of 23.6% of Fibonacci retracement levels. Therefore, the pair is showing signs of bullish market above this support, so it will be a good sign to buy above the level of 23.6% of Fibonacci retracement levels with the first target of 0.7531 and further to 0.7581 in order to test the golden ratio (61.8% of Fibonacci retaracement). Besides, it should be noted that the price of 0.7581 will act as a minor resistance for that it is going to be a good place to take profit today. However, in case if a reversal takes place and NZD/USD breaks through the support level of 0.7418, the market will be lead to further decline to 0.8550 with a view to indicate a bearish market below the level of 0.7410. Consequently, the price of the NZD/USD pair is going to move between 0.7581 and 0.7418. As a result, sell below the level of 0.7581 in the long term with the first target at 0.7418. If the trend can break the double bottom at 0.7418, it might resume to 0.7368.
Intraday technical levels:
  • Projected high: 0.9693
  • Strong resistance (sell limit): 0.7581
  • Current pivot: 0.7515
  • Strong support (buy limit): 0.7418
  • Projected low: 0.7368
Uitgevoerd door, Analytische expert
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