Elliot Wave Analysis by Admiral Markets

[Admiral Markets Group]

GBP/USD builds lengthy triangle but USD/JPY restarts bullish trend

EUR/USD

4 hour

The EUR/USD is in a downtrend and building lower lows and lower highs. At the moment price is building a small sideways consolidation zone. A break below the support (green) could price fall towards 78.6% Fibonacci level of wave d (green), which is part o f a larger daily/weekly triangle (wave d green). If price manages to fall very impulsively then a larger weekly downtrend could be restarting.

1 hour

The EUR/USD is in a wave 4 (green) unless price manages to break above the 61.8% Fibonacci level of wave 4 vs 3. A break below support could see the start of wave 5 (green).

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) but price seems to breaking above the previous wave 1 (purple), which could confirm the start of a larger uptrend (wave 3 purple).

1 hour

The USD/JPY broke above resistance (dotted red) and seems to have started wave 3 (green/brown) unless price breaks below the support trend line (green). Price is expected to build a shallow wave 4 correction once wave 3 (green) has been completed.

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[Admiral Markets Group]

EUR/USD, GBP/USD turn sharply and open bullish ABC zigzag

EUR/USD

4 hour

The EUR/USD broke below the support (green) but price did now move far before a strong 4 hour bullish candle appeared. A bullish bounce could be possible despite the downtrend when considering the presence of divergence (purple lines) and the fact that price is still at a 61.8% Fibonacci level. A break above the resistance trend lines (light orange) could confirm the development of a wave d (green) on the daily chart, which is part of a larger weekly triangle.

1 hour

The EUR/USD seems to have completed a wave 4 and 5 within wave C (blue). The bullish momentum has been labelled as a wave A (purple) and the Fibonacci levels could be important if a bullish ABC zigzag (purple) indeed materializes.

GBP/USD

4 hour

The GBP/USD broke the support (dotted green) of the contracting triangle and indeed fell towards the next Fibonacci level of wave X (blue) which was the 78.6% Fib level. For the moment the bearish breakout seems to be part of a larger correction (WXY blue) rather than the restart of the downtrend.

1 hour

The GBP/USD is also showing the potential for an ABC zigzag (orange). At the moment the bullish momentum has been labelled a wave A (orange). A zigzag is invalidated if price breaks below the bottom of wave A (100% Fib of wave B vs A).

USD/JPY

4 hour

The USD/JPY is attempting to break the sideways correction and daily top (brown) but the breakout has so far been choppy. A deeper correction however will most likely find support within wave 4 (blue) at the 23.6% or 38.2% Fibonacci levels.

1 hour

The USD/JPY could build a bearish ABC (brown) zigzag unless price breaks above the 100% Fibonacci level, which would indicate a potential for uptrend continuation.

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[Admiral Markets Group]

Key resistance EUR/USD at 1.10 and GBP/USD at 1.2250

EUR/USD

4 hour

The EUR/USD made a bullish bounce despite the downtrend but was so far unable to break above the first resistance trend line (orange). A breakout above resistance could see price continue higher as part of wave e (green), which is a larger triangle on the daily and weekly charts. A breakout below support (green) could price fall towards the next Fibonacci support.

1 hour

The EUR/USD completed a bullish ABC zigzag as expected yesterday (blue). This is most likely part of a larger correction indicated by the WXY (purple). A breakout above resistance (orange) could price move towards Fib targets.

GBP/USD

4 hour

The GBP/USD showed a bullish bounce back to the resistance zone (orange), which seems to be part of a larger WXY (blue) correction.

1 hour

The GBP/USD completed an ABC zigzag (grey) as expected. A new bearish zigzag (grey) could take price back to the Fibonacci support levels of wave X (orange).

USD/JPY

4 hour

The USD/JPY is in a small triangle with support (green) and resistance (red) trend lines nearby. A bearish retracement could see price bounce at the Fibonacci levels of wave 4 (blue).

1 hour

The USD/JPY could break above resistance (red) which would indicate a chance for price to continue with its uptrend momentum.

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[Admiral Markets Group]

USD/JPY uptrend breaking multiple resistances with Fib targets in vision

EUR/USD

4 hour

The EUR/USD is in a small triangle (green/orange lines) after having made a bullish bounce within a larger downtrend. A breakout above the resistance trend line (orange) could start a larger correction within wave e (green), which is a larger triangle on the daily and weekly charts. A breakout below support (green) could price fall towards the next Fibonacci support.

1 hour

The EUR/USD completed a bearish ABC zigzag (green). A breakout above resistance (orange) could price move towards Fib targets as part of a wave C (blue) whereas a bearish breakout below support (green) could see price fall towards the next 78.6% Fib. A break below the bottom and 100% Fib is needed before the downtrend is active.

GBP/USD

4 hour

The GBP/USD is building a new triangle (red/green lines), which seems to be part of a larger WXY (blue) correction. Once wave 4 (green) is completed a downtrend continuation is expected to push below support (wave 5 blue).

1 hour

The GBP/USD completed a bearish ABC zigzag (grey) yesterday as expected. A new bearish zigzag (grey) could take price back to the resistance zone (red/orange). A break below support (green) still has to deal with the Fibonacci support levels but a break below the bottom could see price challenge the 1.20 round level.

USD/JPY

4 hour

The USD/JPY broke multiple resistance levels (dotted lines), including a daily top. The chart is now confirming a higher high and is continuing with its uptrend.

1 hour

The USD/JPY could break above resistance (red) which would indicate a chance for price to continue with its uptrend momentum towards the Fibonacci targets. A bull flag pattern could develop at this point, which is expected to be part of a wave 4 (brown). In that case price is likely to go sideways or stay above the 50% (max 61.8%) Fibonacci levels of wave 4 vs 3.

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[Admiral Markets Group]

EUR/USD bullish zigzag with Fibonacci targets above trend line

EUR/USD

4 hour

The EUR/USD broke above the triangle (dotted orange) and is expanding the bullish correction, which makes it more likely that a continuation of the daily triangle via wave d-e (green) is occurring. For the moment this correction has been labelled WXY (brown).

1 hour

The EUR/USD breakout above resistance (red) has seen price move towards the Fib targets as part of a wave C (blue). At the moment a wave 3-4 (green) could still be taking place within wave C (blue) as long as price stays above the 61.8% Fibonacci retracement level and support trend line (green).

GBP/USD

4 hour

The GBP/USD is building a triangle (red/green lines) as part of a WXY (blue) correction within wave 4 (green). Once wave 4 (green) is completed, a downtrend continuation is expected to push below support for wave 5 (blue).

1 hour

The GBP/USD is in a large consolidation and could continue to build zigzags between support and resistance. A break above or below support or resistance lines could indicate a potential for price to move towards Fib targets or continue with the larger trend.

USD/JPY

4 hour

The USD/JPY uptrend saw a sturdy pullback last week but price is still above shallow Fibonacci levels of wave 4 (blue). As long as price stays above the 50% Fib a wave 4 correction (blue) seems likely.

1 hour

The USD/JPY could be building a larger expanding correction within wave 4 (blue) via an ABC (brown). A bullish bounce at the 38.2% Fibonacci level seems likely. If price does not make a deeper retracement to the 38.2% Fib, then I would expect a triangle formation (purple arrows) to emerge. A break above the top could also indicate a breakout.

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[Admiral Markets Group]

US Dollar bullish and bearish bounces within triangle chart pattern

EUR/USD

4 hour

The EUR/USD bullish correction (wave W) could be part of a larger daily triangle via a wave d-e (green) unless price breaks below the most recent bottom at 1.0850.

1 hour

The EUR/USD bounced at the 61.8% Fibonacci level yesterday. A breakout above resistance (red) could see price move towards the Fib targets as part of a wave C (blue).

GBP/USD

4 hour

The GBP/USD is building a triangle (red/green lines) as part of a WXY (blue) correction within wave 4 (green). Once wave 4 (green) is completed, a downtrend continuation is expected to push below support for wave 5 (blue/purple).

1 hour

The GBP/USD has continued to build zigzags between support and resistance. Yesterday for instance price bounced at the support trend line and Fibonacci support. A break above resistance (red) would be needed before a potential move towards Fib targets could occur.

USD/JPY

4 hour

The USD/JPY uptrend saw a sturdy pullback last week but price is still above shallow Fibonacci levels of wave 4 (blue). A wave 4 correction (blue) seems likely as long as price stays above the 38.2%-50% Fib area.

1 hour

The USD/JPY could be building a larger correction within a wave 4 (blue) via an ABC (brown). A bullish bounce at the 38.2% Fibonacci level seems likely. If price does not make a deeper retracement to the 38.2% Fib, then I would expect a triangle formation (purple arrows) to emerge. A break above the top could also indicate a breakout.

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[Admiral Markets Group]

EUR/USD strong bullish break and USD/JPY corrective ABC zigzag

EUR/USD

4 hour

The EUR/USD bullishness continued to higher levels yesterday. The strong momentum is making a wave 3 (blue) more likely now. All in all the bullish trend is probably part of a wave d-e (green) daily triangle.

1 hour

The EUR/USD breakout above resistance (red) took place as indicated yesterday. The bullish momentum has been marked as wave 3 (orange) and a wave 5 (orange) of wave 3 (blue) could be completed as price approaches the Fib targets. In such a scenario a wave 4 (blue) sideways correction like a bull flag could occur.

GBP/USD

4 hour

The GBP/USD is building a triangle (red/green lines) as part of a WXY (blue) correction within wave 4 (green). Once wave 4 (green) is completed, a downtrend continuation is expected to push below support for wave 5 (blue/purple).

1 hour

The GBP/USD has continued to build zigzags between support and resistance. Yesterday price tried to break above resistance (yellow/red) but failed as price completed a 5th wave (dark red) within an ABC zigzag (purple). At the moment price has respected the 38.2% Fibonacci support level and the other Fib levels could provide support too. A break above resistance could see price move towards the Fibonacci levels of wave Y (blue).

USD/JPY

4 hour

The USD/JPY uptrend is seeing a pullback to the 38.2% Fibonacci level. This is most likely within a wave 4 correction (blue) as long as price stays above the 38.2%-50% Fib area.

1 hour

The USD/JPY indeed completed an ABC zigzag (dark red) correction within a wave 4 (blue) as indicated yesterday. A bullish bounce at the 38.2% or 50% Fibonacci level seems likely.

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[Admiral Markets Group]

EUR/USD bullish breakout continues but 38.2% Fib nearby

EUR/USD

4 hour

The EUR/USD uptrend showed one more bullish push yesterday but price is now near the 38.2% Fibonacci resistance level of wave e (green), which is part of a wave d-e (green) daily triangle. The bullish momentum seems to be a 5 wave (blue) within a larger zigzag (A purple).

1 hour

The EUR/USD showed extended 5 waves (grey) within wave 5 (orange). Price could still push up higher to the Fibonacci targets but eventually a correction (wave 4 blue) is expected.

GBP/USD

4 hour

The GBP/USD continues to respect a contracting triangle (red/green lines) as part of a WXY (blue) correction within wave 4 (green). Once wave 4 (green) is completed, a downtrend continuation is expected to push below support for wave 5 (blue/purple).

1 hour

The GBP/USD continues with building zigzags but this time price did manage to break above resistance (dotted red/orange). Price could make a new pullback to support (trend line/Fibs) before moving up higher to the 61.8% Fib for instance of wave Y vs W.

USD/JPY

4 hour

The USD/JPY uptrend saw a bearish pullback develop in recent days but the retracement has been more impulsive than usual wave 4 retracements. However, in my view a wave 4 correction (blue) is still likely as long as price stays above 61.8% Fib area.

1 hour

The USD/JPY ABC zigzag (dark red) correction is still pushing lower. A bullish bounce at the Fibonacci levels could occur.

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[Admiral Markets Group]

Context of US Dollar momentum within waves and Fibonacci

EUR/USD

4 hour

The EUR/USD indeed built a bearish bounce yesterday at the 38.2% Fibonacci retracement level. The bullish momentum was strong which makes a wave 3 (purple) likely. A retracement for wave 4 (purple) seems to be taking place as price is making a triangle. The wave 4 seems likely as long as price remains above the 50% of wave 4 vs 3. The wave 5 could be short as price reaches the resistance trend line (red). A bearish correction could take place as the market awaits the US Presidential Election next week Tuesday.

1 hour

The EUR/USD finished a wave 5 (orange) and built an ABC (blue) correction as expected yesterday. A bounce at the support trend line (green) could complete wave C (blue) whereas a break above resistance (red) could see wave 5 continue.

GBP/USD

4 hour

The GBP/USD is building a WXY (blue) correction within wave 4 (green). Once wave 4 (green) is completed, a downtrend continuation is expected to push below support for wave 5 (blue/purple).

1 hour

The GBP/USD continued higher yesterday which could either mark complete wave c (grey) or wave 3 (purple), which will partly depend on how price responds in this potential wave 4 (purple). A bull flag chart pattern that stays above the 50% Fibonacci level increases the chance of a wave 4. The wave 5 could be short as price reaches the Fibonacci targets. A bearish correction could take place as the market awaits the US Presidential Election next week Tuesday.

USD/JPY

4 hour

The USD/JPY seems to be building a first bounce at the Fibonacci levels of wave 4 vs 3 (blue). A break above resistance (red) could confirm the breakout for wave 5 (blue).

1 hour

The USD/JPY seems to building a wave 12 (brown) and could be starting the wave 3 (brown). A bull flag pattern would increase chances of continuation.

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[Admiral Markets Group]

USD/JPY sturdy bullish reversal at 50% Fib of wave 4

EUR/USD

4 hour

The EUR/USD managed to retrace back to the 38.2% Fibonacci retracement level of wave E vs D (green) of a larger triangle on the daily/weekly charts. The EUR/USD has completed a wave 5 (purple) of potential wave a (brown) if price manages to break below the support trend line (green) and 50% Fib of wave 4 vs 3. A bounce at support could still wave 5 go higher and perhaps reach the resistance (red).

1 hour

The EUR/USD has either completed a wave 5 (purple) at the recent high or is expanding the wave 4 correction (purple) via an ABC (blue).

GBP/USD

4 hour

The GBP/USD is building a WXY (blue) correction within wave 4 (green). Once wave 4 (green) is completed, a downtrend continuation is expected to push below support for wave 5 (blue/purple).

1 hour

The GBP/USD broke the trend line (dotted red) and made a higher high as part of the wave 5 (purple) within wave C (purple). A bearish correction seems to have started at the resistance Fibs.

USD/JPY

4 hour

The USD/JPY indeed made as expected a bullish bounce at the Fibonacci levels of wave 4 vs 3 (blue). A break above resistance (red) could confirm the breakout for wave 5 (blue).

1 hour

The USD/JPY indeed started the wave 3 (brown) and is at resistance trend line. A breakout could see price continue towards the 261.8% Fib target before making a bull flag as part of wave 4 (brown).

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[Admiral Markets Group]

US Dollar awaits results from 2016 US Presidential Elections

EUR/USD

4 hour

The EUR/USD price movement will depend on the election news and results as Americans vote for their next President of the United States. With USD weakness, the EUR/USD could be building a potential ABC (brown) towards the 50% or 61.8% of wave e (green). With USD strength, the EUR/USD could break the support trend line (green) and test deeper Fibs of wave b (brown) or alternatively start a downtrend.

1 hour

The EUR/USD could use the Fibonacci levels of wave b (brown) as potential bouncing spots, although it will depend on the levels of momentum and volatility during the elections.

GBP/USD

4 hour

The GBP/USD is building a WXY (blue) correction within wave 4 (green). Once wave 4 (green) is completed, a downtrend continuation is expected to push below support for wave 5 (blue/purple). USD weakness could expand the wave 4, whereas USD strength could start wave 5.

1 hour

The GBP/USD could be vulnerable to bounces at Fibonacci levels during the elections.

USD/JPY

4 hour

The USD/JPY seems to be in a wave 5 (blue) of wave 3 (purple) but the price movements during the US elections could change this perspective.

1 hour

The USD/JPY seems to be building a bull flag pattern within wave 4 (brown).

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[Admiral Markets Group]

Impact of US elections on the US Dollar

EUR/USD

4 hour

The US elections took place on 8 November 2016 where the 2 main candidates were Clinton, from the Democratic Party, and Trump, from Republican Party. The financial markets were ‘pricing in’ a Clinton win but as the election night unfolded, it became clear that a Trump win become increasingly possible. Initially, the EUR/USD hit the 50% Fibonacci level but quickly reverted upwards as a Trump win started to become more probable. The bullish price reaction is does align with the expected ABC zigzag mentioned yesterday. Price action can remain volatile as the last states still need to report the final results.

1 hour

The EUR/USD has reached the 100% Fibonacci level but the price action remains volatile.

GBP/USD

4 hour

The GBP/USD keeps building a WXY (blue) correction within wave 4 (green). Once wave 4 (green) is completed, a downtrend continuation is expected to push below support for wave 5 (blue/purple). For now, a bullish reaction is also visible on the Cable.

1 hour

The GBP/USD could be building an ABC zigzag, although all wave counts are vulnerable due to the political event.

USD/JPY

4 hour

The USD/JPY wave count needed to be changed as the price action was very bearish. The new wave count is showing a correction.

1 hour

The USD/JPY seems to be building an ABC zigzag, although all wave counts are vulnerable due to the political event.

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[Admiral Markets Group]

Dramatic reversal on US Dollar after Election Day

EUR/USD

4 hour

The EUR/USD increased strongly at the start of the US Election Day but made an equally dramatic turnaround. The bearishness has been so impulsive that the fall has been labelled as a wave 1 (green). The wave e (green), however, is quite short in its current form and therefore an alternative but possible scenario is that the wave 1 (green) is still part of a larger correction. The wave 1 (green) would certainly be invalidated if price manages to break above the top (red) and 61.8% of wave E vs D.

1 hour

The EUR/USD could build an ABC zigzag within wave 2 (green).

GBP/USD

4 hour

The GBP/USD keeps building a WXY (blue) correction within wave 4 (green). Once wave 4 (green) is completed, a downtrend continuation is expected to push below support for wave 5 (blue/purple).

1 hour

The GBP/USD is moving sideways between support (greens) and resistances (red). Within the corrective environment price could be building a zigzag (grey) but if price fails and breaks support (green) then price could be starting a new downtrend.

USD/JPY

4 hour

The USD/JPY showed an equally dramatic turn as the EUR/USD. The strong bearish sentiment was eventually replaced by a strong bullish sentiment. For the moment the bullish reaction has been labelled a wave (purple) as well.

1 hour

The USD/JPY seems to be building a series of 5 waves (blue) within wave 1 (purple). An ABC zigzag is expected within wave 2 (purple).

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[Admiral Markets Group]

EUR/USD completes 5 bearish waves and prepares for zigzag

EUR/USD

4 hour

The EUR/USD bearishness has been very impulsive and has been labelled as a wave 1 (green). The wave e (green), however, is quite short in its current form and therefore an alternative but possible scenario is that the wave 1 (green) is still part of a larger correction. The wave 1 (green) would certainly be invalidated if price manages to break above the top (red) and 61.8% of wave E vs D.

1 hour

The EUR/USD wave 1 (green) seems to be completed as several 4 hour candles become bullish. That translates into a small but visible rally on the 1 hour chart which could be the start of a wave a (brown). After the wave a (brown) is completed, then a wave b (brown) retracement and a wave c (brown) continuation is expected. A break below the bottom could see wave 5 extend further.

GBP/USD

4 hour

The GBP/USD is building a strong bullish retracement. The Fibonacci levels could be targets and resistance spots as price develops a WXY (blue) correction within wave 4 (green). Once wave 4 (green) is completed, a downtrend continuation is expected to push below support for wave 5 (blue/purple).

1 hour

The GBP/USD finally broke above resistance (dotted red) with momentum (wave 3 purple) and seems to be building a wave 4 (purple) retracement for 1 more push higher within wave C (grey).

USD/JPY

4 hour

The USD/JPY showed a strong bullish reaction earlier this week and has been labelled a wave 1 (purple).

1 hour

The USD/JPY is building a series of 5 waves (blue) within wave 1 (purple). The wave 5 (blue) is being extended with a 5 wave (brown).

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[Admiral Markets Group]

EUR/USD bearish momentum approaches 1.0750 support

EUR/USD

4 hour

The EUR/USD bearishness continues to push lower but price is approaching a psychological round level of 1.0750, which could act as a potential support level. The bearish wave indicates that wave 4 (blue) has been completed and a new larger downtrend (wave 5) has probably started with a wave 1 (green).

1 hour

The EUR/USD wave 1 (green) still push to lower levels after completing a sideways ABC (purple) correction, which formed a wave 4 (purple). Price could fall towards the Fibonacci targets of wave 5 (brown).

GBP/USD

4 hour

The GBP/USD is building a strong bullish retracement. The Fibonacci levels could be targets and resistance spots as price develops a WXY (blue) correction within wave 4 (green). Once wave 4 (green) is completed, a downtrend continuation is expected to push below support for wave 5 (blue/purple).

1 hour

The GBP/USD could be building 5 bearish waves (purple) if it manages to stay below resistance (red) and break support (light green). A break above the 50% Fibonacci level of wave 4 vs 3 could indicate that the Cable is continuing with a bullish correction.

USD/JPY

4 hour

The USD/JPY is displaying strong bullish momentum, which has been labelled as a wave 1 (purple). Round levels like 107.50 and 108 could act as resistance spots.

1 hour

The USD/JPY completed a wave 4 (brown) at the 50% Fibonacci retracement level and is heading towards the Fibonacci levels of wave 5 (brown).

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[Admiral Markets Group]

EUR/USD shows divergence and prepares for break or bounce

EUR/USD

4 hour

The EUR/USD bearish momentum is approaching major support trend lines (green) from the daily chart bottoms. The wave formation could be a wave 1 (green) of a larger wave 5 downtrend (blue).

1 hour

The EUR/USD wave 1 (green) seems to be complete or near completion when considering the divergence between the bottoms (purple line). An ABC zigzag could occur within wave 2 (green). The wave 2 (green) is invalidated if price breaks above the 100% Fibonacci level. A break below the wave 5 (brown) bottom could see price extend towards the Fib targets of wave 5 vs 1+3.

GBP/USD

4 hour

The GBP/USD could have finally completed the wave 4 (green) retracement now that a bearish turn is visible on the 1 hour chart. A downtrend continuation is possible if price pushes below support (green) for a wave 5 (green/blue/purple).

1 hour

The GBP/USD completed 5 bearish waves (orange) as expected yesterday. A bullish zigzag could take place within wave 2 (blue), which would be invalidated if price breaks above the 100% Fibonacci level. A break below the support trend line (green) could see price extend wave 1 (blue) to a lower spot.

USD/JPY

4 hour

The USD/JPY is displaying strong bullish momentum, which has been labelled as a wave 1 (purple).

1 hour

The USD/JPY is building a bullish extension within the wave 1 (purple). The wave 4 (light blue) is invalid if price breaks below the Fibonacci levels of wave 4 vs 3.

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[Admiral Markets Group]

US Dollar builds bullish wave-1 and slowly starts wave-2

EUR/USD

4 hour

The EUR/USD has been marked as completing a wave 1 (green) of a larger wave 5 downtrend (blue). Price is now retesting the bottom of that wave 1: a bounce could start the wave 2 (green) correction whereas a break could see wave 1 extend towards the major support trend lines (green) from the daily chart bottoms.

1 hour

The EUR/USD could start an ABC zigzag (brown) correction within wave 2 (green) if price manages to break above resistance (red). The wave 2 (green) is invalidated if price breaks above the 100% Fibonacci level. A break below the wave 5 (brown) bottom could see price extend towards the Fib targets of wave 5 vs 1+3.

GBP/USD

4 hour

The GBP/USD seems to be developing a bearish wave 1 and 2 (blue), which could indicate that a wave 4 (green) retracement has been completed. A downtrend continuation is possible if price pushes below support (green) for a wave 5 (green/blue/purple) whereas the wave 2 (blue) is invalidated once price breaks above the 100% Fib level.

1 hour

The GBP/USD seems to be in a bullish zigzag (orange) within wave 2 (blue), which would be invalidated if price breaks above the 100% Fibonacci level. A break below the 100% Fib of wave B vs A (green) could see price extend wave 1 (blue) to a lower spot.

USD/JPY

4 hour

The USD/JPY is displaying strong bullish momentum, which has been labelled as a wave 1 (purple).

1 hour

The USD/JPY is building a bullish extension within the wave 1 (purple). The wave 4 (light blue) saw indeed a light retracement as expected and price has extended wave 5 (blue) with an internal wave (pink). A break of support could indicate that the uptrend is making a retracement or correction within the uptrend.

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[Admiral Markets Group]

Focus on USD versus trend lines and Fibonacci levels

EUR/USD

4 hour

The EUR/USD is in a downtrend after completing wave e (green) of wave 4 (blue). Price is still above the support levels (green) from the daily chart bottoms, which could act as potential bouncing spots. A break above resistance (red) trend line could start the wave 2 (green) correction whereas a break below the most recent bottom could see price extend wave 1 (green).

1 hour

The EUR/USD could start an ABC zigzag (brown) correction within wave 2 (green) if price manages to break above resistance (red). The wave 2 (green) is invalidated if price breaks above the 100% Fibonacci level. A break below the wave b (brown) bottom could see price extend towards the Fib targets of wave 5 vs 1+3.

GBP/USD

4 hour

The GBP/USD seems to be developing a bearish wave 1 and 2 (blue). A downtrend continuation is possible if price pushes below support (green) for a wave 5 (green/blue/purple) whereas the wave 2 (blue) is invalidated once price breaks above the 100% Fib level of wave 2 vs 1.

1 hour

The GBP/USD seems to be in a bullish zigzag (orange) within wave 2 (blue), which would be invalidated if price breaks above the 100% Fibonacci level. A break above resistance (red) could see the zigzag retrace deeper. A break below the support trend line (green) could see the Cable fall for a wave 3 (blue).

USD/JPY

4 hour

The USD/JPY is displaying strong bullish momentum, which has been labelled as a wave 1 (purple). If price breaks above the previous top (red) and psychological 110 level, then a different wave count is more probable: an impulsive wave 3 rather than a wave 1 (purple).

1 hour

The USD/JPY uptrend stopped near the 110 resistance. This could be a retracement within wave 2 (purple) if price breaks below support (green).

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[Admiral Markets Group]

USD/JPY uptrend breaks 110 resistance and aims at 115

EUR/USD

4 hour

The EUR/USD broke the support trend line (dotted green) and continued with its downtrend. Price is testing the bottoms (green) from the daily chart, which could act as potential bouncing spots.

1 hour

The EUR/USD broke below the support trend line (dotted green) yesterday, which lead to price falling towards the Fibonacci targets. Any retracement beyond the 50% Fibonacci level invalidates the wave 4 (purple).

GBP/USD

4 hour

The GBP/USD seems to be developing a bearish wave 1 and 2 (blue). A downtrend continuation is possible if price pushes below support (green) for a wave 3 (blue) whereas the wave 2 (blue) is invalidated if price breaks above the 100% Fib level of wave 2 vs 1.

1 hour

The GBP/USD could be in an extended WXT (orange) correction within wave 2 (blue) if price stays above support (green). A break below support (green) could see price start a potential wave 3 (purple).

USD/JPY

4 hour

The USD/JPY broke above the resistance trend line (dotted red) and psychological 110 level, which is confirming strong bullish momentum often seen in wave 3’s (blue / purple). The larger targets are at 112 and 115.

1 hour

The USD/JPY bullish break above resistance (dotted red) seems to be a wave 3 (green). Once the wave 3 is completed then a wave 4 retracement and wave 5 continuation seem likely within wave 5 (orange).

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[Admiral Markets Group]

EUR/USD bearish momentum approaches 1.05 daily bottom

EUR/USD

4 hour

The EUR/USD downtrend is approaching the bottoms (green) from the daily chart, which could act as potential bouncing spots if price is indeed in a wave 5 (brown) of wave 1 (green).

1 hour

The EUR/USD is building a bear flag chart pattern (red/green). A bearish break could see price test the 1.05 support zone. A bullish break above resistance (orange) could indicate the completion of wave 1 (green).

GBP/USD

4 hour

The GBP/USD seems to be developing a bearish wave 3 (blue). A downtrend continuation is possible if price pushes below support (green).

1 hour

The GBP/USD is building a bearish trend, which is best indicated by the resistance trend line (red). A break above the 61.8% Fibonacci level would invalidate a wave 4 (purple).

USD/JPY

4 hour

The USD/JPY broke above the resistance trend line (dotted red) and psychological 110 level, which is confirming strong bullish momentum often seen in wave 3’s (blue / purple). The larger targets are at 112 and 115.

1 hour

The USD/JPY is moving to higher Fibonacci levels within wave 5 (green).

Follow @ChrisSvorcik on twitter for latest market updates