Elliot Wave Analysis by Admiral Markets

[Admiral Markets Group]

US Dollar strength fades after divergence pattern appears

EUR/USD

4 hour

The EUR/USD bounced at the previous bottom (green) during yesterday’s trading. The bullish bounce has probably completed a bearish ABC (green). The resistance (red) and support (green) trend lines indicate a potential descending wedge chart pattern, which is confirmed if price breaks below support. For the moment a wave X (blue) within a larger wave d (green) triangle is likely.

1 hour

The EUR/USD completed a wave 5 (orange) after divergence appeared (purple) and will most likely build a bullish ABC zigzag (green) within wave X (blue). The Fibonacci levels of wave B (blue) vs A are expected to act as support with a break below the 100% level indicating an invalidation.

GBP/USD

4 hour

The GBP/USD has completed a bearish wave at the recent bottom, which could either completed a wave 3 (green) or wave C (purple) of a larger ABCDE contracting triangle (purple). A break above the 50% Fibonacci level of wave 4 (green) vs 3 and resistance trend line (red) invalidates wave 4 (green) and increases the chances of a wave d and e (purple).

1 hour

The GBP/USD is making a bullish wave and arriving at a key resistance zone (as indicated in the 4 hour chart) after wave 5 (blue) showed divergence (purple line) with wave 3 (blue).

USD/JPY

4 hour

The USD/JPY continued with its bearish correction and has now reached the 78.6% Fibonacci level. A break below the 100% Fib level of wave 2 (purple) vs 1 invalidates the bullish wave 1-2 (purple) and indicates a continuation of the downtrend (red).

1 hour

The USD/JPY is showing a potential bearish ABC (brown) correction unless price manages to break below support.

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[Admiral Markets Group]

Critical support and resistance levels visible in Forex market

EUR/USD

4 hour

If the EUR/USD manages to break the resistance trend line (orange), then the Fibonacci levels of wave X (blue) are expected to stop price from moving much further. Only a break above the top (purple) would invalidate the larger consolidation zone marked as wave X (purple and blue). Overall it seems most likely that a larger wave Y (brown/purple) is developing within a contracting triangle on the daily chart (wave d green).

1 hour

The EUR/USD is either building a bearish ABC zigzag (orange) within wave B (green), which means that price will break below the support trend line (dark green), or the EUR/USD will complete the bullish ABC (green) zigzag within wave X (blue), which means that price will break above resistance (red).

GBP/USD

4 hour

The GBP/USD is building either a wave 3 (pink) within a larger downtrend or wave d (purple) of a larger ABCDE contracting triangle (purple). A break above the 100% Fibonacci level of potential wave 2 (blue) vs 1 and resistance trend line (red) increases the chance of a wave d and e (purple).

1 hour

The GBP/USD could be building an ABC (grey) within wave 2 (blue). A break below support (green) could see price retesting the previous bottom at 1.29. A break below the bottom could indicate one more bearish push towards the bottom on the 4 hour chart at 1.2850.

USD/JPY

4 hour

The USD/JPY remains stuck between the resistance of the daily downtrend channel (red) and the support of the various bottoms (green). A break below the bottoms of that support invalidates the bullish reversal, whereas a break above the bearish channel confirms the potential for a wave 3 (purple).

1 hour

The USD/JPY bullish bounce could be the first indication of a new trend direction (wave 1 blue).

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[Admiral Markets Group]

US Dollar support levels indicate key decision zone

EUR/USD

4 hour

The EUR/USD managed to break above the resistance trend line (dotted orange) yesterday but also was unable to push above the Fibonacci levels of wave X (blue) as expected. Only a break above the top (purple) invalidates the larger consolidation zone marked as wave X (blue). It seems more likely that a larger waves Y is developing within a contracting triangle on the daily chart (wave d green).

1 hour

Whether the EUR/USD will start the bearish momentum needed to start the wave Y (blue) remains to be confirmed. At the moment price has still two layers of support below it (green). A bearish break could indicate the start of a bearish ABC zigzag (green). A bullish bounce at support, however could see price retest higher resistance again like the 61.8% or 78.6% Fibonacci levels.

GBP/USD

4 hour

The GBP/USD is either building a wave 3 (pink) within a larger downtrend or wave d (purple) of a larger ABCDE contracting triangle (purple). A break above the 100% Fibonacci level of potential wave 2 (blue) vs 1 and resistance zone (red/orange) increases the chance of a wave d and e (purple) whereas a break below the bottom (blue) of wave b (purple) favours a wave 3 (pink).

1 hour

The GBP/USD broke the support trend line (dotted green) yesterday but price was unable to break below the previous bottom and trend line (solid green). A bullish correction via an ABC (grey) seems likely at the moment. The Fibonacci levels are expected to act as resistance.

USD/JPY

4 hour

The USD/JPY remains stuck between the resistance of the daily downtrend channel (red) and the support of the various bottoms (green) and 88.6% Fibonacci level of wave 2 (purple). A break below the bottoms invalidates the bullish reversal, whereas a break above the bearish channel confirms the potential for a wave 3 (purple).

1 hour

The USD/JPY made a double bottom yesterday and is reacting with strong bullish momentum. A bullish bounce could be the first indication of a new trend direction (wave 1 blue) but a break above the resistance (red) should confirm it.

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[Admiral Markets Group]

EUR/USD keeps building zigzags and USD/JPY breaks with impulse

EUR/USD

4 hour

The EUR/USD is building a bullish retracement, which could become a head and shoulders pattern (purple boxes) if price makes a bearish turn at 1.1250. Such a rejection could occur when a bearish ABC (blue) zigzag occurs within the larger consolidation zone (purple/blue lines).

1 hour

The EUR/USD completed a 5th wave (green) within wave A (blue), which was followed by a new bullish wave A and B (green) zigzag. Price is now probably in a wave C (green) zigzag, unless price breaks above the 100% Fibonacci level.

GBP/USD

4 hour

The GBP/USD broke above the resistance trend line (dotted red), which makes a larger ABCDE contracting triangle (purple) more likely at the moment. However, the bearish alternative (pink 3) has not been removed from the chart because price is moving higher in a corrective channel (orange/green lines). A break above the 100% Fibonacci level is needed before wave 2 (blue) is invalidated.

1 hour

The GBP/USD is showing two wave counts. One where a larger ABC bullish zigzag (purple) is taking place within wave E (purple) and another where WXY (grey) is built within wave 2 (blue).

USD/JPY

4 hour

The USD/JPY remains stuck between the resistance of the daily downtrend channel (red) and the support of the various bottoms (green) and 88.6% Fibonacci level of wave 2 (purple). A break below the bottoms invalidates the bullish reversal, whereas a break above the bearish channel confirms the potential for a wave 3 (purple).

1 hour

The USD/JPY broke above the resistance (dotted orange) and indeed wave 3 (brown/blue) momentum seems to have started. If this is the case, then price is expected to build a bull flag or triangle at one of the Fibonacci targets as part of a wave 4 (brown) within wave 3 (blue).

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[Admiral Markets Group]

EUR/USD, GBP/USD build opposite head and shoulders reversal patterns

EUR/USD

4 hour

The EUR/USD continued with its bullish retracement yesterday but the resistance at 1.1250 has so far stopped price from moving higher. As expected in yesterday’s analysis, the head and shoulders pattern (purple boxes) is a reversal pattern that could indicate a bearish bounce if price manages to break the neck line (light green) of that pattern. Such a rejection could occur when a bearish ABC (blue) zigzag occurs that could bring price back towards the bottom of the larger consolidation zone (purple/green lines).

1 hour

The EUR/USD seems to have completed a bullish ABC zigzag (green) within wave B (blue). A move higher would still resistance at trend lines (orange/red) and Fib levels but a break above that zone would invalidate the current ABC (blue). A break below support (light green) could see the potential start of bearish momentum (dark red arrows).

GBP/USD

4 hour

The GBP/USD bearish price action seems to move correctively, which makes a larger ABC (light purple) the most likely wave structure at the moment. Price has retested the previous bottom and is stopping at the 78.6% Fibonacci retracement of wave B (light purple), which is the level of a potential inverted head and shoulders (purples boxes) reversal pattern. Price could either be in a wave E (purple) or wave 4 (pink), which depends on whether price moves above the 100% Fibonacci level (wave E) or stays below it (wave 4).

1 hour

The GBP/USD break above resistance (orange) could see a bullish move higher but a break below the 100% Fibonacci invalidates the wave B (blue).

USD/JPY

4 hour

The USD/JPY remains stuck between the resistance of the daily downtrend channel (red) and the support of the various bottoms (green) and 88.6% Fibonacci level of wave 2 (purple). A break below the bottoms invalidates the bullish reversal, whereas a break above the bearish channel confirms the potential for a wave 3 (purple).

1 hour

The USD/JPY potential break above the resistance (red) trend line could spark the start of a wave 3 (brown/blue) bullish momentum. A push lower could still see price bounce at the 78.6% Fibonacci retracement level but a break below the 100% Fib invalidates the wave 1-2 (brown).

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[Admiral Markets Group]

US Dollar breakout to confirm or invalidate key levels

EUR/USD

4 hour

Support and resistance (S&R) levels remain key. The EUR/USD remains in a contacting ABCDE triangle chart pattern (blue) unless price breaks above the invalidation level (pink). A break below support (green) indicates that a wave Y (brown) is most likely starting within wave d (green).

1 hour

The EUR/USD is building a smaller triangle indicated by the support (green) and resistance (orange) trend lines. A push higher is expected at the moment to complete the bullish ABC (green) but a break above pink invalidates the wave E (blue).

GBP/USD

4 hour

The GBP/USD could either be in a wave E (green) or wave 4 (pink). A break below support (blue) makes the pink wave count more likely whereas a break above resistance (red) makes the wave E (green) triangle more likely.

1 hour

The GBP/USD is behaving more correctively and a complex correction (WXY blue) is emerging.

USD/JPY

4 hour

The USD/JPY remains stuck between the resistance of the daily downtrend channel (red) and the support of the various bottoms (green) plus 88.6% Fibonacci level of wave 2 (purple). A break below the bottoms invalidates the bullish reversal, whereas a break above the bearish channel confirms the potential for a wave 3 (purple).

1 hour

The USD/JPY potential break above the resistance (red) trend line could spark the start of a wave 3 (brown/blue) bullish momentum. A push lower could still see price bounce at the 78.6% Fibonacci retracement level but a break below the 100% Fib invalidates the wave 1-2 (brown).

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[Admiral Markets Group]

USD/JPY breaks major resistance of daily downtrend channel

EUR/USD

4 hour

The EUR/USD is moving sideways as part of a large consolidation zone, which is indicated by the support (green) and resistance (red) trend lines. An ABCDE triangle chart pattern (blue) is most likely unfolding within wave X (purple) unless price breaks above the invalidation level (pink). A break below support (green) indicates that a wave Y (brown) is most likely starting within wave d (green).

1 hour

The EUR/USD broke the support (green) of the smaller triangle yesterday and price seems to have moved down as part of a bearish ABC zigzag (orange). A bullish bounce could occur at the Fibonacci retracement levels if a bullish pattern appears. The bounce could see price challenge the 1.1250 zone. A break below the 100% Fibonacci level invalidates wave B (green) but also a bear flag pattern makes an ABC zigzag (orange) less likely and a new bearish wave count more likely.

GBP/USD

4 hour

The GBP/USD broke below the bottom (dotted green), which means that a bearish impulsive wave count is currently valid. Price is now moving towards the Fibonacci targets although there is one more bottom remaining at 1.28 (equal to the 50% Fib).

1 hour

The GBP/USD broke the support trend line (dotted green) and a new bearish impulse become visible. A break of support could see price fall towards the other Fibonacci targets.

USD/JPY

4 hour

The USD/JPY is trying to break above the resistance of the daily downtrend channel (dotted red), which would confirm the potential for a wave 3 (purple).

1 hour

The USD/JPY broke above the resistance (red/orange) trend lines which sparked the start of a wave 3 (brown/blue) bullish momentum. Price is now moving towards the Fibonacci targets. Any bullish flag chart patterns or small consolidation zones could see further potential breakouts.

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[Admiral Markets Group]

GBP/USD impulse breaks below 1.28 yearly low

EUR/USD

4 hour

The EUR/USD made a strong bearish and bullish movement yesterday. The price action however remained part of a large consolidation zone, which is indicated by the support (green) and resistance (red) trend lines. An ABCDE triangle chart pattern (blue) is most likely unfolding within wave X (purple) unless price breaks above the invalidation level (pink). A break below support (green) indicates that a wave Y (brown) is most likely starting within waved (green).

1 hour

The EUR/USD completed the bearish ABC zigzag (orange) mentioned yesterday. The bullish bounce near support (green) levels has seen price quickly move above 1.12. For the moment I am expecting price to remain choppy and a potential ABC (green) could form within wave E (blue).

GBP/USD

4 hour

The GBP/USD has moved below the low at 1.28 of earlier this year and is now building a bearish impulse which has been labelled as a wave 3 (blue). Price has now reached the 261.8% Fibonacci target, which could cause a retracement. The next bigger target could be near 1.25.

1 hour

The GBP/USD seems to have completed 5 waves (grey/orange) within wave 3 (blue). A wave 4 retracement (blue) should see price respect and turn at the shallower Fibonacci levels like 23.6% and 38.2% Fib.

USD/JPY

4 hour

The USD/JPY broke above the resistance of the daily downtrend channel (dotted red) and a wave 3 seems to be developing (purple).

1 hour

The USD/JPY is showing strong bullish momentum potentially as part of multiple wave 3’s. The current wave 3 (green) could see a light, shallow and corrective wave 4 (green) which usually speaking turns at the 23.66 or 38.2% Fibonacci level.

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[Admiral Markets Group]

GBP/USD, USD/JPY move quickly in powerful momentum swings

EUR/USD

4 hour

The EUR/USD is showing multiple impulses up and down and all together they form a larger consolidation zone (green and red trend lines). An ABCDE triangle chart pattern (blue) is most likely unfolding within wave X (purple) unless price breaks above the invalidation level (pink). A break below support (green) indicates that a wave Y (brown) is most likely starting within wave d (green).

1 hour

The EUR/USD retraced back to the 50% Fibonacci level of wave B (green) but price could retest lower Fibonacci levels before completing potential wave C (green). A break below the 100% Fibonacci level of wave B vs A invalidates the bullish ABC (green) whereas a break above the resistance (pink) invalidates wave X (purple).

GBP/USD

4 hour

The GBP/USD is building a (light) retracement within a strong bearish impulse, which has broken previous bottoms and lows of earlier this year. A break of the support (green) could price extend the decline towards the Fibonacci targets (red arrows).

1 hour

The GBP/USD seems to have completed 5 waves (grey/orange) within wave 3 (blue). A wave 4 retracement (blue) should see price respect and turn at the shallower Fibonacci levels like 23.6% and 38.2% Fib. A break below the bottom should build a small bear flag (orange arrow) emerge before dropping to the Fibonacci targets, or else the break could still be part of a larger wave 4 (blue) correction.

USD/JPY

4 hour

The USD/JPY broke above the resistance of the daily downtrend channel (dotted red) and a wave 3 seems to be developing (purple).

1 hour

The USD/JPY is showing strong bullish momentum, potentially as part of multiple wave 3’s. The current wave 3 (brown) could still push higher if price is able to break above the top and 200% Fibonacci target (blue arrow). If a retracement does occur, then the wave 4 (brown) usually turns at the 23.6% or 38.2% Fibonacci level (green arrows).

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[Admiral Markets Group]

GBP/USD crashes to 1.10

EUR/USD

4 hour

The EUR/USD finally broke below support (dotted green), which indicates that ABCDE (blue) contracting triangle within wave X (purple) is completed. Price could now fall within a wave Y (purple) of wave d (green). The wave d (green) could be invalidated if bearish momentum increases rapidly, which would indicate the start of a larger downtrend.

1 hour

The EUR/USD is building a bearish impulse and a correction will most likely be shallow as part of a wave 4 (orange).

GBP/USD

4 hour

The GBP/USD broke support (dotted green) yesterday and surely did extend the decline towards the Fibonacci targets (see the multiple red arrows mentioned in yesterday's wave analysis). Of course, the massive drop went even a lot further than 1.24 and dropped towards 1.10. The news is mentioning two potential reasons: a big order was placed by accident (less likely variant), or more probable, algorithms started selling which trigged more algorithms during a time with low liquidity. In any case, the sudden GBP drop and retracement most likely completed a wave 3 (green) and started a wave 4 (green). The Cable is expected to respect the Fibonacci levels of wave 4 vs 3.1 hour

The GBP/USD massive decline occurred at a time when the Cable was already in a strong bearish momentum this week. Waves 4 are typical choppy and correction and typically price will start to build a range or consolidation zone (arrows going sideways).

USD/JPY

4 hour

The USD/JPY broke above the resistance of the daily downtrend channel (dotted red) and a wave 3 seems to be developing (purple).

1 hour

The USD/JPY seems to have completed 5 waves (blue) within wave 5 (green), although extensions remain possible if price breaks resistance (orange) without retracing back to the Fibonacci levels of wave 4 (brown). If a retracement does occur, then a wave 4 (brown) usually turns at the 23.6% or 38.2% Fibonacci level (green arrows).

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[Admiral Markets Group]

The EUR/USD showed a bearish bounce at resistance (red) within a bigger consolidation zone (red/green lines). Price has now reached the bottom of that zone (green) and a bearish break could indicate a fall within a wave Y (purple) of wave d (green).

1 hour

The EUR/USD built a bearish 5 wave which has been marked a wave A (green). A break above the 100% Fibonacci level invalidates wave B (green).

GBP/USD

4 hour

The GBP/USD decline completed a wave 3 (green) and is expected to respect the Fibonacci levels of wave 4 vs 3 within the wave 4 (green) correction.

1 hour

The GBP/USD has been moving up and down in a choppy and corrective manner as expected in the previous wave analysis. Price could break the trend lines but the Fibonacci levels could react as support or resistance.

USD/JPY

4 hour

The USD/JPY broke above the resistance of the daily downtrend channel (dotted red) but price still needs to break above the horizontal resistance of wave 1 (purple) before a higher high is confirmed. Once the break occurs, a bullish impulse wave seems to be developing (purple) which is most likely wave 3 (purple).

1 hour

The USD/JPY turned at the 38.2% or 50% Fibonacci level (green arrows) of wave 4 (brown) as expected. The break above resistance (dotted red) has seen the USD/JPY move towards the Fibonacci targets (green arrows) but a break of the top (red) is still needed.

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[Admiral Markets Group]

EUR/USD breaks consolidation zone, GBP/USD bounces at 78.6% Fib

EUR/USD

4 hour

The EUR/USD finally made a bearish break of the larger consolidation zone yesterday, which confirms the wave X (purple) and this bearish wave count of the last few weeks. The breakout has large momentum which could indicate a bearish continuation, although a bounce or retracement at the 50% and psychological round level of 1.10 could occur.

1 hour

The EUR/USD is expanding the 5th wave (orange) and price is now falling towards the Fibonacci targets of wave 5 (grey). A bullish bounce or retracement at 1.10 could indicate that a wave A (green) has been completed and a wave B (green) will start.

GBP/USD

4 hour

The GBP/USD was unable to post a lower low as expected in previous wave counts earlier this week. A triangle formation is the most likely structure at the moment as price builds a correction within wave 4 (green) after the huge decline last week in wave 3 (green).

1 hour

The GBP/USD bounced at the 78.6% Fibonacci level and the bullish momentum after the bounce is indicating that new zigzag (orange) is taking place.

USD/JPY

4 hour

The USD/JPY broke above the resistance of the daily downtrend channel (dotted red) but price still needs to break above the horizontal resistance of wave 1 (purple) before a higher high is confirmed. Once the break occurs, a bullish impulse wave seems to be developing (purple) which is most likely wave 3 (purple).

1 hour

The USD/JPY failed to break above the top (red) yesterday and instead is expanding the correction sideways, which is normal for a wave 4 (brown). A break above resistance (orange/red) could indicate the potential for the USD/JPY to continue with the uptrend (green arrows) as part of wave 3 (blue). A break of support (green) could indicate a larger wave 4 (brown) as long as price stays above the 50% Fibonacci of wave 4 vs 3.

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[Admiral Markets Group]

EUR/USD reaches 1.10 round level in bearish ABC zigzag

EUR/USD

4 hour

The EUR/USD made one more bearish push to reach the 50% Fibonacci level of wave D vs B and psychological round level of 1.10. A bullish 4 hour candle has appeared since price hit the 1.10 level, which could indicate that a wave A (green) has been completed. In that case an ABC zigzag (green) could occur. If price breaks the 1.10 support then a continuation of wave A (green) seems to be taking place (see 1 hour chart).

1 hour

The EUR/USD break below 1.10 could see price fall towards 1.0960-50 as part of a choppy wave 5 (orange/grey) whereas a break above resistance (orange) could start wave B (green).

GBP/USD

4 hour

The GBP/USD continues to build a triangle formation within a wave 4 (green) after the huge 1,000 pip decline last week as part of wave 3 (green).

1 hour

The GBP/USD completed the wave A (orange) and now seems to be retracing as part of a wave B (orange).

USD/JPY

4 hour

The USD/JPY challenged the previous resistance but still has not managed to break above the horizontal resistance of wave 1 (purple). For the moment it seems likely that price is building a smaller retracement within wave 4 (blue).

1 hour

The USD/JPY broke above resistance (dotted orange) and completed a smaller 5 wave pattern (green) within waves 5 (brown/blue). For the moment a bearish ABC (brown) within wave 4 (blue) seems to be taking place unless price starts to build a triangle at the 23.6% Fibonacci and then breaks above it.

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[Admiral Markets Group]

US Dollar bounces at S&R and prepares for crucial breakouts

EUR/USD

4 hour

The EUR/USD indeed showed a bullish bounce at the 50% Fibonacci level of wave D vs B and the psychological round level of 1.10 after a bullish 4 hour candle appeared yesterday. Price is probably in an ABC zigzag (green) and the Fibonacci levels of wave B (green) are expected to act as resistance. The EUR/USD has already bounced at the 38.2% Fib level but a break below the previous bottom is needed before a continuation to the 61.8% Fib of wave D vs B could occur.

1 hour

Unless the EUR/USD breaks below the previous bottom at 1.0985, price could make an ABC (orange) zigzag within a larger wave B (green).

GBP/USD

4 hour

The GBP/USD continues to build as expected a triangle formation within a wave 4 (green) consolidation zone after last week’s 1,000 pip decline (wave 3 green). A break below support (green) could indicate the continuation of the downtrend. A break above resistance (red) could indicate a continuation of the wave 4 (green) retracement where the Fib levels are expected to act as resistance.

1 hour

The GBP/USD is in a wave B (orange) correction unless price manages to break below the 78.6% and 100% Fibonacci levels of wave B vs A (zig zag). A bullish bounce at support could complete ABC (orange) within wave Y (blue).

USD/JPY

4 hour

The USD/JPY indeed seems to have completed a smaller retracement within wave 4 (blue). A break above the previous of wave 1 (purple) could signal a larger uptrend (wave 3 purple).

1 hour

The USD/JPY completed an ABC (brown) correction. Price could expand the wave 4 (blue) correction and make it more complex. A breakout above resistance (red) could indicate the continuation of wave 5 (blue).

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[Admiral Markets Group]

GBP/USD, USD/JPY challenge S&R at 120 and 104.50

EUR/USD

4 hour

The EUR/USD built a lower low but seems to be bouncing at 1.0960 as price breaks away from the consolidation zone in a downtrend. At this moment a bearish ABC zigzag (green) within a larger contacting triangle (wave d green) seems the most likely but if the breakout below wave A (green) is vey impulsive, then a new downtrend could be starting. For the moment, the Fibonacci levels of wave B (green) are expected to act as resistance.

1 hour

A bullish ABC (orange) could take place within wave B (green).

GBP/USD

4 hour

The GBP/USD continues to build as expected a triangle formation within a wave 4 (green) consolidation zone. A break below support (green) could indicate the continuation of the downtrend. A break above resistance (red) could indicate a continuation of the wave 4 (green) retracement where the Fib levels are expected to act as resistance.

1 hour

The GBP/USD is in a wave B (orange) correction unless price manages to break below the 78.6% and 100% Fibonacci levels of wave B vs A (zig zag). A bullish bounce at support could complete ABC (orange) within wave Y (blue).

USD/JPY

4 hour

The USD/JPY needs to break above the previous of wave 1 (purple) before a larger uptrend (wave 3 purple) can start.

1 hour

The USD/JPY seems to be starting the wave 5 (blue) with 5 internal waves (brown). A break above resistance is needed before price can potentially build wave 3 (brown).

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[Admiral Markets Group]

US Dollar develops in wave C of larger zigzag

EUR/USD

4 hour

The EUR/USD seems to be indeed building a bearish ABC zigzag (green). The Fibonacci levels of wave B (green) are expected to act as resistance and price could turn around at one of them for a continuation within a larger contacting triangle (wave d green). If the bearish breakout is vey impulsive, then a new downtrend could be starting.

1 hour

A bullish ABC (green) seems to be taking place within wave B (green). The Fibonacci levels are targets and potential bouncing spots.

GBP/USD

4 hour

The GBP/USD continues to build a triangle formation within the wave 4 (green) correction as the Cable breaks above resistance (dotted red). The Fib levels are expected to act as resistance.

1 hour

The GBP/USD did not break below the 78.6% and 100% Fibonacci levels of wave B vs A and the wave B (orange) is therefore still valid and supporting price. The bullish breakout is indicating that a wave C (orange) within wave Y (blue) seems to be unfolding.

USD/JPY

4 hour

The USD/JPY needs to break above the previous of wave 1 (purple) before a larger uptrend (wave 3 purple) can start.

1 hour

The USD/JPY has retraced to deep Fibonacci levels within wave 2 (brown). A break above resistance (red/orange) is needed before price can potentially build wave 3 (brown).

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[Admiral Markets Group]

GBP/USD, USD/JPY prepare bullish breakouts above trend lines

EUR/USD

4 hour

The EUR/USD turned at the 23.6% Fibonacci level of wave B vs A. However the bullish retracement could extend to higher Fibonacci levels if price breaks above the resistance trend line (orange). A break below support (green) could see a continuation of the downtrend.

1 hour

A bullish ABC (green) could to be taking place within wave B (green). The Fibonacci levels are targets and potential bouncing spots unless price breaks below the support trend line (green) that is connecting wave A (blue) and wave B (green).

GBP/USD

4 hour

The GBP/USD continues to build a triangle formation within the wave 4 (green) correction as the Cable breaks above resistance (dotted red). The Fib levels are expected to act as resistance.

1 hour

The GBP/USD is building a wave C (orange) within wave Y (blue). Currently a wave 4 (grey) correction could be developing unless price breaks below the 61.8% Fib level of wave 4 vs 3. A break above resistance (orange) could see price move towards Fibonacci targets.

USD/JPY

4 hour

The USD/JPY needs to break above the previous of wave 1 (purple) before a larger uptrend (wave 3 purple) can start.

1 hour

The USD/JPY is developing a corrective chart pattern. A break above resistance (red/orange) is needed before price can build wave 3 (brown) and continue with the uptrend.

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[Admiral Markets Group]

EUR/USD break or bounce decision at Fibonacci support zone

EUR/USD

4 hour

The EUR/USD is challenging support levels but needs to break below the 138.2% Fibonacci level of wave X vs W at 1.0940 before a larger correction within wave B (blue) is invalidated and a new downtrend should start. If price does bounce at the support Fibonacci levels of wave X (green), then a rally could occur towards wave Y (green) of wave B (blue).

1 hour

A bullish ABC (green) could occur if price manages to break above the resistance trend line (orange). In such a case, the Fibonacci levels of wave B (blue) are expected to act as resistance.

GBP/USD

4 hour

The GBP/USD continues to build a triangle formation within the wave 4 (green) correction and the Fib levels are expected to act as resistance.

1 hour

The GBP/USD has either completed wave 5 (grey) or still is moving sideways within wave 4 (grey), which depends on the breakout direction above or below support (green) or resistance (red) trend lines.

USD/JPY

4 hour

The USD/JPY needs to break above the previous of wave 1 (purple) before a larger uptrend (wave 3 purple) can start. As long as price stays above the 50% Fibonacci level of wave 4 vs 3, then a wave 4 (blue) seems to be the most likely wave structure.

1 hour

The USD/JPY has expanded the correction of wave 4 (blue). A break above resistance (red/orange) is needed before price can build wave 3 (brown) and continue with the uptrend.

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[Admiral Markets Group]

EUR/USD replaces bullish spike with bearish breakout in wave-C

EUR/USD

4 hour

The EUR/USD completed one more bullish push as expected within wave B (blue) before building a bearish turn and breaking below support (dotted green). Price is now in a potential wave C (blue) of a larger daily/weekly triangle (wave d green). The triangle could become invalidate if price manages to become very impulsive (then a larger weekly downtrend could be restarting).

1 hour

A bearish ABC (blue) could continue to develop if price manages to break below the Fibonacci levels.

GBP/USD

4 hour

The GBP/USD is challenging the support trend line (green). A break below it could see price develop a bearish breakout to retest the bottom. Whether the wave 4 (green) is complete or still developing depends also how price would break support (if it does).

1 hour

The GBP/USD could show a breakout above or below support (green) or resistance (red) trend lines.

USD/JPY

4 hour

The USD/JPY is building a sideways zone in front of the daily top (brown) and will need to break above the previous wave 1 (purple) before a larger uptrend (wave 3 purple) can start.

1 hour

The USD/JPY seems to have completed wave 4 (blue) as expected and price has in the meantime broken above multiple resistance trend lines (dotted lines). Price is now moving towards the Fibonacci targets of wave 3 (brown).

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[Admiral Markets Group]

US Dollar triangle consolidation after bullish breakout

EUR/USD

4 hour

The EUR/USD has reached the 61.8% Fibonacci target of wave C vs A. Lower Fib targets could be in reach if price manages to break below the low (purple line). A larger daily/weekly triangle (wave d green) is taking place, which could become unlikely if price manages to become very impulsive (then a larger weekly downtrend could be restarting).

1 hour

Five waves (green) are visible within bearish wave C (blue) which could indicate the end of the downtrend. A break below the bottom (green) could indicate a continuation towards the Fibonacci levels.

GBP/USD

4 hour

The GBP/USD is moving in between support and resistance and building a contracting triangle. The Cable is now challenging the support trend line (green). A break below it could see price develop a bearish breakout to retest the Fibonacci levels of wave X (blue). A break above resistance (orange) could see the development of a wave Y (blue) within wave 4 (green).

1 hour

The GBP/USD is in a wedge and has support (green) and resistance (red) trend lines nearby which offer bounce and break spots.

USD/JPY

4 hour

The USD/JPY is building a sideways zone in front of the daily top (brown) and will need to break above the previous wave 1 (purple) before a larger uptrend (wave 3 purple) can start.

1 hour

The USD/JPY seems to have completed 5 waves (green) as expected and price has in the meantime made a pullback towards the 61.8% Fibonacci support level. A breakout above resistance (red) could start the wave 3 (brown).

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