Elliot Wave Analysis by Admiral Markets

[Admiral Markets Group]

USD/JPY Bullish Break has Fibonacci Targets at 120 and 121

EUR/USD

4 hour

The EUR/USD downtrend remains intact as price stays below the resistance (red) and broken bottoms (dotted green). However, price has not been able to move away from the support zone and a wave 3 (brown) only becomes more likely when the 100% Fibonacci level of wave 3 vs 1 is broken.

1 hour

The EUR/USD bearish breakout below support (green) could see price continue with the downtrend. For the moment a larger and expanded wave 4 (purple) correction seems to be taking place via an ABC (blue).

GBP/USD

4 hour

The GBP/USD downtrend could be building a retracement within wave 4 (blue). A break today below the bottom of the current wave 3 (blue) could indicate that price is still continuing within wave 3 (blue).

1 hour

The GBP/USD Fibonacci levels of wave 4 (blue) should act as resistance spots for a potential bearish turn.

USD/JPY

4 hour

The USD/JPY is in an uptrend but price is building a bearish retracement called a contracting triangle chart pattern. A break above the resistance level (red) could see price continue towards the Fibonacci targets.

1 hour

The USD/JPY seems to be building a wave 1 and 2 (green) within the uptrend. A break above the resistance trend line (red) could see price continue towards the Fibonacci targets.

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[Admiral Markets Group]

EUR/USD, GBP/USD Build Bear Flag Chart Patterns within Downtrend

EUR/USD

4 hour

The EUR/USD is in a downtrend as long as price stays below the resistance (orange) trend line and the broken bottoms (dotted greens). At the moment, price is building a correction and it will need to break below support (green/blue) trend lines and the 100% Fibonacci level of wave 3 vs 1 before a bearish continuation becomes more likely.

1 hour

The EUR/USD is building a bear flag chart pattern (red/blue) with an expanded wave 4 (purple). A bearish breakout below the support (blue) could see price continue with the downtrend.

GBP/USD

4 hour

The GBP/USD downtrend seems to indeed be building a retracement within wave 4 (blue). A break today below the bottom of the current wave 3 (blue) could indicate a downtrend continuation to retest the previous low (green horizontal line).

1 hour

The GBP/USD Fibonacci levels of wave 4 (blue) should act as resistance spots for a potential bearish turn. A break above the 50% Fib does make a wave 4 (blue) less likely. A break below the support of the bear flag pattern (orange/blue lines) could indicate a bearish fall towards the Fibo targets of waves 5.

USD/JPY

4 hour

The USD/JPY uptrend is retracing within a contracting triangle chart pattern. A break above the resistance level (red) could see price continue towards the Fibonacci targets.

1 hour

The USD/JPY seems to be building a wave 1 and 2 (green) within the uptrend. A break above the resistance trend line (red) could see price continue towards the Fibonacci targets.

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[Admiral Markets Group]

GBP/USD Bearish Breakout within Bearish Trend Channel

EUR/USD

4 hour

The EUR/USD remains in a downtrend if price manages to stay below the resistance trend line (orange) and the broken bottoms (dotted greens). Price is building a correction and it will need to break below support (green/blue) trend lines and the 100% Fibonacci level of wave 3 vs 1 before a bearish continuation becomes more likely.

1 hour

The EUR/USD is building a bear flag chart pattern (red/blue) as part of the expanded wave 4 (purple). A break above the Fib levels of wave 4 vs 3 would invalidate the current wave structure. A bearish breakout below the support (blue) could see price continue with the downtrend.

GBP/USD

4 hour

The GBP/USD downtrend continues with a new lower low after completing a wave 4 (blue) retracement. Price could fall towards the Fibonacci targets in the upcoming trading weeks and retest the previous bottom (green line).

1 hour

The GBP/USD remains in a bearish channel (red/green lines) after breaking the support trend line (blue dotted) for a bearish breakout yesterday. Price could bounce back to the top of the channel once the wave 3 (orange) is completed, which could be part of a wave 4 retracement.

USD/JPY

4 hour

The USD/JPY uptrend is retracing within a contracting triangle chart pattern. A break above the resistance level (red) could see price continue towards the Fibonacci targets.

1 hour

The USD/JPY seems to be building a wave 1 and 2 (green) within the uptrend. A break above the resistance trend line (red) could see price continue towards the Fibonacci targets. A break below support (green) and the Fibonacci levels would invalidate the wave structure.

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[Admiral Markets Group]

USD/JPY Uptrend Builds Contracting Triangle Chart Pattern

USD/JPY

4 hour

The USD/JPY uptrend is building a contracting triangle chart pattern (red/blue). A break above the resistance level (red) could see price extend the trend towards Fib targets.

1 hour

The USD/JPY is building a wave 1 and 2 (green) unless price breaks below the support (blue) and the Fibonacci levels. A break above the resistance trend line (red) could see price continue towards the Fibonacci targets.

EUR/USD

4 hour

The EUR/USD downtrend is building a major consolidation zone at the broken support levels from 2015 (dotted greens). A bearish continuation becomes more likely once price manages to break below the support (green/blue) levels.

1 hour

The EUR/USD is building a sideways correction within the wave 4 (purple). A break above the Fib levels of wave 4 vs 3 would invalidate the current wave structure. A bearish breakout below the support (blue) could see price continue with the downtrend.

GBP/USD

4 hour

The GBP/USD downtrend is neatly indicated by a bearish channel (green/red) with Fibonacci targets and the previous bottom (green line) below it.

1 hour

The GBP/USD is in a wave 4 (orange) unless price breaks above the 61.8% Fib. A breakout below the support (blue) could indicate a continuation of the wave 5 (orange).

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[Admiral Markets Group]

EUR/USD, GBP/USD Remain below Resistance Fibonacci Levels

EUR/USD

4 hour

The EUR/USD is moving sideways within a consolidation zone as it is not able to break above the broken support levels (dotted greens) to invalidate the wave 3 (brown) nor below the support levels (blue/green) to confirm it.

1 hour

The EUR/USD could still be in a lengthy wave 4 (purple) correction unless price manages to break above the Fibonacci levels of wave 4 vs 3.

GBP/USD

4 hour

The GBP/USD has broken above the resistance of the bearish channel (dotted red), which could indicate a potential larger retracement or perhaps reversal. A break below the previous bottom (blue line) could see a price extension towards the Fibonacci targets.

1 hour

The GBP/USD is in a wave 4 (orange) unless price breaks above the 61.8% Fib. The bullish break of the resistance in the downtrend channel could be a first warning of a larger retracement but the Fibonacci levels of wave 4 vs 3 could still act as a bearish turning spot.

USD/JPY

4 hour

The USD/JPY uptrend broke above the resistance level (dotted red) and could extend towards the Fib targets but the break has been choppy and slow so far (see 1 hour chart). An ABCDE triangle formation seems more likely.

1 hour

The USD/JPY bullish breakout above the resistance (dotted red) was choppy and corrective and has been labelled as an ABC (pink). The wave count has now been changed to an ABCDE (green) triangle pattern. Wave E (green) may not break below the 0% level otherwise it would be invalid.

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[Admiral Markets Group]

GBP/USD Continues with 1-2 Wave in Bearish Channel

GBP/USD

4 hour

The GBP/USD turned around at resistance and continued with the downtrend. Price remains in a downtrend as long as price stays below the trend lines (red).

1 hour

The GBP/USD turned at the Fibonacci levels of wave 4 (orange). Price could now be building an extension within wave 5 (orange) unless price breaks above the 100% level of wave 2 vs 1 (grey).

EUR/USD

4 hour

The EUR/USD was unable to break above the resistance trend lines (red) and remains in a downtrend. A break above the Fibonacci levels of wave 4 vs 3 would invalidate the current wave count.

1 hour

The EUR/USD broke a support trend line (dotted blue) yesterday but price was unable to break below the previous bottom (blue). This price action could be part of a larger correction via a WXY (blue) of wave 4 (purple) if price stops at the resistance zone.

USD/JPY

4 hour

The USD/JPY has broken the support trend line (dotted green) but price still remains in an uptrend as long as price stays above the long-term moving average.

1 hour

The USD/JPY is most likely in a consolidation phase within an ABCDE (green) triangle pattern unless price breaks below the bottom (green).

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[Admiral Markets Group]

US Dollar Starts New 2017 Trading Year at Support

EUR/USD

4 hour

The EUR/USD bullish retracement has turned at the resistance trend lines (red) and 61.8% Fibonacci level of wave 2
(brown). A break below the support (blue/green) is needed before a wave 3 (green) continuation of the bearish trend can be considered.

1 hour

The EUR/USD could still continue higher within wave C (purple) of wave 2 (brown) if price manages to
break above the resistance (orange) trend line. A break below the top of wave 1 (blue) and the support trend line means that the wave C (purple) has been completed at the recent top.

GBP/USD

4 hour

The GBP/USD is most likely building a larger retracement within a wave 4 (blue) correction. A wave 4 (blue) typically retraces back to the 23.6-38.2-50% Fibonacci levels. A break below the support trend line (blue) could spark a continuation of the downtrend.

1 hour

The GBP/USD could be extending the wave 4 (blue) correction with a WXY (orange) unless price break below the Fibs and support trend line (blue). A break above the resistance (orange) could see price retest higher Fibonacci levels of wave 4 vs 3 (blue).

USD/JPY

4 hour

The USD/JPY is most likely still in a wave 4 (orange) correction unless price breaks below the top of wave 1 (orange) which is indicated by a trend line (green). A break above resistance (red) could see price move towards the Fib targets.

1 hour

The USD/JPY could be building a wave 1-2 (green) unless price breaks below the 100% Fib level of wave 2 vs 1.

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[Admiral Markets Group]

USD/JPY Critical Breakout above Wave-4 Consolidation Zone

USD/JPY

4 hour

The USD/JPY indeed confirmed the wave 4 (orange) corrective structure when price broke above the resistance levels (dotted lines) as expected. Price is now moving towards the Fib targets.

1 hour

The USD/JPY indeed confirmed the wave 1-2 (green) wave structure and is now moving towards the Fibonacci targets of wave 3 (green).

EUR/USD

4 hour

The EUR/USD bounced at resistance (red) and is now ready to challenge the support (blue/green) levels. A break is needed before a wave 3 (green) continuation of the bearish trend becomes likely.

1 hour

The EUR/USD broke below the key support level (dotted green) which indicated that wave C (purple) and wave 2 (brown) were completed at the high. A break below support (blue) indicates that price could continue towards the Fibonacci levels of wave 3 (purple).

GBP/USD

4 hour

The GBP/USD is most likely building a larger retracement within a wave 4 (blue) correction, which could mean a bullish bounce at the Fibonacci levels of wave X vs W. A break below those Fib levels (blue) however could spark a continuation of the downtrend. A wave 4 (blue) typically retraces back to the 23.6-38.2-50% Fibonacci levels.

1 hour

The GBP/USD could be extending the wave 4 (blue) correction with a WXY (orange) unless price break below the Fibs and support trend line (blue). A break above the resistance (red) could see price retest higher Fibonacci levels of wave 4 vs 3 (blue).

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[Admiral Markets Group]

EUR/USD, GBP/USD Downtrends Retest Critical 1.22 and 1.0350 Levels

EUR/USD

4 hour

The EUR/USD continued to move lower and has now arrived at a bounce or break spot at the support (blue/green) levels. A break is needed before a wave 3 (green) continuation of the bearish trend becomes likely.

1 hour

The EUR/USD is most likely in a wave 4 (purple) correction where an ABC (blue) zigzag could occur.

GBP/USD

4 hour

The GBP/USD is most likely building a larger retracement within a wave 4 (blue) correction, which could mean a bullish bounce at the Fibonacci levels of wave X vs W. A break below those Fib levels (blue) however could spark a continuation of the downtrend. A wave 4 (blue) typically retraces back to the 23.6-38.2-50% Fibonacci levels.

1 hour

The GBP/USD could be extending the wave 4 (blue) correction with a WXY (orange) unless price break below the Fibs. A break above the resistance (red) could see price retest higher Fibonacci levels of wave 4 vs 3 (blue).

USD/JPY

4 hour

The USD/JPY broke above the resistance trend line (dotted orange), which seems to be part of a wave 5 (orange) of a larger bullish momentum. A break above the high (red) could see price continue with the uptrend towards the Fibonacci targets.

1 hour

The USD/JPY completed the wave 5 (pink) of wave 3 (green) before making a large bearish retracement towards the 61.8% Fibonacci level of wave 4 (green).

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[Admiral Markets Group]

US Dollar Bearish Momentum after Failing to Break Resistance

EUR/USD

4 hour

The EUR/USD was unable to break below the critical support level (blue) and instead bounced strongly to the upside. The bounce indicates that an expansion within wave 2 (brown) is most likely.

1 hour

The EUR/USD break above the resistance trend line (dotted orange) changed the wave count to the current form because a larger bullish correction became more likely. The EUR/USD could expand the correction (wave W blue) unless price breaks below the main support (blue).

GBP/USD

4 hour

The GBP/USD broke the resistance trend line (dotted red) and is building a larger retracement within a wave 4 (blue) correction. A wave 4 (blue) typically retraces back to the 23.6-38.2-50% Fibonacci levels.

1 hour

The GBP/USD broke above resistance (dotted red) and extended the ABC (grey) within wave Y (orange). Price is in a wave 4 (dark red) unless a break out occurs below the 61.88% Fibonacci level. A break above the resistance (red) could see price complete a wave 5 (dark red).

USD/JPY

4 hour

The USD/JPY broke above the resistance trend line (dotted orange) but did not manage to break above the previous top (red). The bearish turn around could indicate a completion of wave 5 (orange) and also wave 3 (purple) and the start of a wave 4 (purple) correction.

1 hour

The USD/JPY is most likely building a bearish 5 wave pattern within wave A (blue) of wave 4 (purple).

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[Admiral Markets Group]

GBP/USD Rallies 200 pips and Approaches 50% Fibonacci of Wave-4

GBP/USD

4 hour

The GBP/USD expanded the wave 4 (blue) correction via a WXY (orange) and has now arrived at potential resistance spots at the Fibonacci levels.

1 hour

The GBP/USD however could build one more higher high if price completes a wave 4 (brown) correction on the lower 1 hour time frame. A break below the 61.8% Fib invalidates the wave 4 (brown) and makes it more likely that the zigzag (grey) was completed at the recent top.

EUR/USD

4 hour

The EUR/USD is building a consolidation zone below the broken bottoms from the weekly chart (dotted green). The correction has been labelled as a wave 2 (brown), which would be invalidated if price breaks above the 100% Fibonacci level of wave 2 vs 1.

1 hour

The EUR/USD completed an ABC (green) zigzag and then expanded the correction as expected yesterday with a WXY (blue). Whether the EUR/USD has completed the correction or whether it will expand it will depend on the direction of the breakout. A bullish break above resistance (red) could see price move towards Fib levels. A bearish break below support (green) could see price move towards the next support (blue).

USD/JPY

4 hour

The USD/JPY seems to have completed a wave A (blue) of a larger ABC correction within the wave 4 (purple) correction. The 23.6%, 38.2%, and 50% Fibonacci levels of wave 4 vs 3 are potentially support levels for a wave 4.

1 hour

The USD/JPY seems to have completed a bearish 5 wave pattern within wave A (blue) of wave 4 (purple). Price could build a new ABC (brown) within wave B (blue) unless price breaks below support (green).

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[Admiral Markets Group]

GBP/USD Bearish Momentum towards 1.22 Break or Bounce Spot

GBP/USD

4 hour

The GBP/USD broke the support trend line (dotted green) and thereby completed a 3 wave WXY (orange) correction within wave 4 (blue). A break of the bottom (blue line) could spark the continuation of the downtrend (waves 5) and a retest of the bigger bottoms from 2016 (green).

1 hour

The GBP/USD is displaying strong bearish momentum which is most likely a wave 3 (orange). Within that wave 3, price is most likely building 5 extended waves (grey/brown) but a break of the bottom (blue) remains critical. If the bottom does break, a mild wave 4 correction (dark red) would indicate that another bearish push is around the corner to complete wave 3 (orange).

EUR/USD

4 hour

The EUR/USD is building a sideways corrective zone, which is occurring around the broken bottoms from the weekly chart (dotted green). The correction has been labelled as a wave 2 (brown), which would be invalidated if price breaks above the 100% Fibonacci level of wave 2 vs 1.

1 hour

The EUR/USD could be showing a bearish turn at the 50% Fibonacci level of wave 2 vs 1. A break below the support (green) could initiate a wave 3 (purple) and retest of support (blue). A break above resistance (red) could indicate that price will correct to a higher Fib level of wave 2 (brown).

USD/JPY

4 hour

The USD/JPY could be building a larger ABC (blue) correction within wave 4 (purple), unless price manages to break above the previous top (dark red line). In that case the ABC (blue) zigzag is invalidated and an uptrend continuation is taking place.

1 hour

The USD/JPY indeed made a bullish turn at 115, broke above the resistance line (dotted red), and price is now testing the Fibonacci levels of wave B (blue) and wave C (brown).

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[Admiral Markets Group]

EUR/USD, GBP/USD Confirm Divergence in Breakout Direction

EUR/USD

4 hour

The EUR/USD is building a sideways corrective zone, which is indicated by the various trend lines (red/blue and orange/green). The correction could be part of a wave 2 (brown) correction, which is invalidated if price breaks above the 100% Fibonacci level of wave 2 vs 1.

1 hour

The EUR/USD is showing bullish momentum after failing to break support (green). A break above the resistance levels (red/orange) could see a continuation of the momentum (blue arrows) towards the Fibonacci targets of wave C vs A.

GBP/USD

4 hour

The GBP/USD also broke the previous bottom (dotted blue) after completing wave 4 (blue) and breaking below the support trend line (dotted green). Price has now established a new lower low within wave 5 (blue) and price will most likely test the previous bottom (green).

1 hour

The GBP/USD is showing a corrective chart pattern with price moving sideways, which is typical for a wave 4 (brown). Moreover, there was strong bearish momentum prior to the correction, which has been marked as a wave 3 (brown). The wave 4 (brown) is invalidated if price breaks above the 61.8% Fibonacci retracement level of wave 4 vs 3. Price could continue with the downtrend (red arrows) if price manages to break below the support trend line (green) with a strong breakout candle.

USD/JPY

4 hour

The USD/JPY indeed built a larger ABC (blue) correction within wave 4 (purple) as expected in the previous wave analysis. The question is how far the wave C (blue) will correct before completing wave 4 (purple) and there are multiple potential answers. Price could build a triangle formation, which would indicate a lack of a break below wave A (blue) support, or price could bounce at the Fibonacci levels of wave 4 vs 3.

1 hour

The USD/JPY needs to break above or below the trend lines before a breakout (arrows) is possible. A break below support (blue) could see price test the Fib levels nearby.

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[Admiral Markets Group]

Forex Chart Patterns Identify Bounce and Break Zones

USD/JPY

4 hour

The USD/JPY is in an ABC (blue) correction within wave 4 (purple). The wave C (blue) and wave 4 (purple) will either be completed at lower Fibonacci levels of wave 4 vs 3 or once price breaks above the resistance trend line (red).

1 hour

The USD/JPY could be in a wave 4 (brown) unless price breaks above the 61.8% Fibonacci level which makes it more likely that a wave 5 (brown) was completed at the previous bottom.

EUR/USD

4 hour

The EUR/USD continues to respect the support (green) and resistance (orange) levels as the currency pair remains in the consolidation zone. The wave 2 (brown) is invalidated if price breaks above the 100% Fibonacci level of wave 2 vs 1. Price could make a bearish turn at the 61.8% or 78.6% Fib if price breaks above resistance (orange/red). A break below support (green) could see price challenge the next support trend lines.

1 hour

The EUR/USD needs to break below the support trend lines (green/blue) before the completion of wave C (blue), Y (purple) and 2 (brown) can be confirmed. Otherwise the bearish price action could be part of a retracement with potentially more upside remaining to test the Fib levels of wave 2. At the moment price is building a corrective bearish channel (brown/blue lines).

GBP/USD

4 hour

The GBP/USD retraced back to the broken support level (dotted green) which could be a resistance spot. Price needs to break below the previous low (blue line) before it can test the previous bottom (green).

1 hour

The GBP/USD is still showing a corrective chart pattern which is typical for a wave 4 (brown). The current wave 4 (brown) is invalidated if price breaks above the 61.8% Fibonacci retracement level of wave 4 vs 3. Price could continue with the downtrend (red arrows) if price manages to break below the support trend lines (green) with a strong breakout candle.

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[Admiral Markets Group]

US Dollar Buids Bearish Zigzag Pattern

EUR/USD

4 hour

The EUR/USD bounced near the support trend line (blue) connecting the previous bottoms. Price is now retesting again resistance trend lines (orange/red). Price could make a bearish turn at the 61.8% or 78.6% Fib if price breaks above resistance (orange/red). The wave 2 (brown) is invalidated if price breaks above the 100% Fibonacci level of wave 2 vs 1.

1 hour

The EUR/USD is most likely in a wave 4 (orange) correction and a break above the trend line (orange) could indicate a potential for price to move towards the Fibonacci targets. This could be part of a larger ABC zigzag (green).

GBP/USD

4 hour

The GBP/USD bounced strongly at the 61.8% Fibonacci target of wave 5 vs 1+3 and at the support trend lines (both green). The impulsive price action could be a first indication that the downtrend is over but a break above resistance (red) is needed to confirm it.

1 hour

The GBP/USD is however on the lower 1 hour time frame still showing a potential for more downtrend. The invalidation level of the wave 4 (orange) occurs if price manages to break above the 78.6% Fib level.

USD/JPY

4 hour

The USD/JPY broke the support level (dotted blue) and is expanding the ABC (blue) correction within wave 4 (purple). The 23.6% and 38.2% Fibonacci levels of wave 4 (purple) are potential bouncing spots.

1 hour

The USD/JPY failed to break resistance (red) and completed an ABC zigzag (orange) within wave 4 (brown). The current bearish price action is probably part of a wave 5 (brown).

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[Admiral Markets Group]

USD/JPY Builds ABC Correction Towards 23.6% Fibonacci

USD/JPY

4 hour

The USD/JPY has built an ABC (blue) correction towards the 23.6% Fibonacci retracement level of wave 4 (purple). The 23.6% and 38.2% Fibonacci levels of wave 4 (purple) are potential bouncing spots for a continuation of the larger uptrend on the daily chart.

1 hour

The USD/JPY bounced at the 23.6% Fibonacci level. A breakout above the resistance trend line (red) is needed before an uptrend continuation becomes more likely.

EUR/USD

4 hour

The EUR/USD broke the resistance trend line (dotted orange) and turned at the 61.8% Fibonacci retracement level. This could complete the wave 2 (brown) correction, although price could test the higher 78.6% Fib as well. The wave 2 (brown) is invalidated if price breaks above the 100% Fibonacci level of wave 2 vs 1.

1 hour

The EUR/USD completed the ABC zigzag (green) pattern as expected. Whether the bullish waves Y correction are finished depends on the breakout direction below the support (blue/green) or above the 61.8% Fib.

GBP/USD

4 hour

The GBP/USD downtrend channel stays intact after price showed a bearish bounce at the resistance trend line (red).

1 hour

The GBP/USD completed an ABC zigzag (grey) within wave 4 (orange) at a deep 78.6% Fibonacci retracement level. A break below support (green) could see price move towards the Fibonacci targets.

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[Admiral Markets Group]

GBP/USD Bearish Drop Reaches Psychological 1.20 Barrier

GBP/USD

4 hour

The GBP/USD downtrend continues and is now testing the previous low on the daily chart of the year 2016, which dates back to October. A break below the support levels (blue/green) and psychological round level of 1,20 could see price test the Fibonacci targets.

1 hour

The GBP/USD bounced at the resistance trend lines (orange/red) and is showing strong bearish momentum which has been labelled as a wave 3 (brown). Price could now retrace within a wave 4 (brown). A break above the 50% Fib of wave 4 vs 3 would invalidate it.

EUR/USD

4 hour

The EUR/USD is building a retracement within a wave 2 (brown) correction. Price could test the higher 78.6% Fib as well, but the wave 2 (brown) is invalidated if price breaks above the 100% Fibonacci level of wave 2 vs 1.

1 hour

The EUR/USD is moving sideways in a choppy, corrective pattern, which is why the price action has been labelled as a wave B (green). A break above resistance (red/orange) could see price test the 78.6% Fib.

USD/JPY

4 hour

The USD/JPY retraced back with an ABC (blue) correction towards the 23.6% Fibonacci retracement level of wave 4 (purple). Both the 23.6% and 38.2% Fibonacci levels of wave 4 (purple) are likely bouncing spots. A break above the resistance trend lines (orange/red) could confirm a continuation of the larger uptrend.

1 hour

The USD/JPY could have completed a 5 wave (brown) leading diagonal for the first bullish wave (blue). This wave structure would become invalidated if price breaks below the 100% level of wave 2 (blue).

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[Admiral Markets Group]

EUR/USD Prepared for Bullish ABC Zigzag Pattern

EUR/USD

4 hour

The EUR/USD bounced at the 50% Fibonacci retracement of wave B vs A and it seems to be completing an ABC (green) zigzag within a wave 2 correction (brown). The wave 2 (brown) is invalidated if price breaks above the 100% Fibonacci level of wave 2 vs 1.

1 hour

The EUR/USD broke above the resistance (dotted orange) of the choppy, corrective pattern and price could be heading towards the Fibonacci targets of wave C (green). A bull flag chart pattern should appear once the wave 3 (orange) has finished.

GBP/USD

4 hour

The GBP/USD downtrend is testing the low of the year 2016. A break below the support levels (blue/green) and psychological round level of 1,20 could see price test the Fibonacci targets.

1 hour

The GBP/USD bounced at the support trend lines (blue/green) and is now retracing within a wave 4 (brown). A break above the 50% Fib of wave 4 vs 3 would invalidate the wave 4 (brown).

USD/JPY

4 hour

The USD/JPY temporarily stopped the 23.6% Fibonacci retracement level of wave 4 (purple) but will probably retrace to the deeper 38.2% Fibonacci level.

1 hour

The USD/JPY is most likely building an ABC zigzag (brown) pattern. A break below support (green) could see price fall towards the Fib targets of wave C vs A.

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[Admiral Markets Group]

GBP/USD Bounces 400 Pips from 1.20 Support Zone

GBP/USD

4 hour

The GBP/USD was unable to break the major support level (green) from 2016 and the 1.20 round level support. During the speech of British Prime Minister May regarding the Brexit out of the EU, the GBP/USD rallied strong and bounced +/- 400 pips. Price broke above the resistance (dotted red) of the downtrend channel. The bullish price action could complete the entire downtrend potentially (which would make the waves 5 a truncated wave 5 by not breaking the bottom). But for the moment, the current price action is still considered a bullish correction and the waves 5 (green/light blue/purple) have been left open.

1 hour

The GBP/USD strong momentum could hint at a larger ABC zigzag (blue) but the price spike itself could be seen as a zigzag too. It will be important to see what kind of patterns are built later today, for instance whether bearish momentum is shown or whether price builds a triangle.

EUR/USD

4 hour

The EUR/USD is moving higher within the anticipated bullish ABC (green) zigzag. The next major Fibonacci level is the 78.6% Fib of wave 2 (brown), which is invalidated if price breaks above the 100% Fibonacci level of wave 2 vs 1.

1 hour

The EUR/USD broke above another resistance trend line (dotted red) and price is heading towards the Fibonacci targets of wave C (green). The momentum is most likely a wave 3 (orange) and the current correction could be a shallow wave 4 (orange) correction, which typically stops and turns at a 23.6% or 38.2% Fib.

USD/JPY

4 hour

The USD/JPY is in a mild downtrend channel (red/green), which is retracing back to the 38.2% Fibonacci level of wave 4 (purple).

1 hour

The USD/JPY broke below support (dotted green) and is most likely building an ABC zigzag (brown) pattern. The current wave 4 (orange) is invalidated if price breaks above the 61.8% Fibonacci retracement level.

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[Admiral Markets Group]

USD/JPY Bullish Breakout above Down Trend Channel

USD/JPY

4 hour

The USD/JPY seems to have carefully broke above the resistance (dotted red) of the downtrend channel (red/green), which could be a first signal that the wave 4 (purple) correction has been completed.

1 hour

The USD/JPY has completed a 5 wave structure (brown), which most likely completed wave 1 (blue). Price will most likely use the Fibonacci levels of wave 2 vs 1 as support levels. A break below the 100% Fib invalidates the wave count.

EUR/USD

4 hour

The EUR/USD bounced at the 50% Fibonacci level of the wave X vs W and it is now approaching a trend line (red). A break above this resistance could see price move up towards the 78.6% Fibonacci retracement of wave 2 vs 1. Any price action above the 100% level invalidates the wave 2 (brown).

1 hour

The EUR/USD is expanding the correction via a WXY (green). Within wave Y (green) price could potentially build a zigzag.

GBP/USD

4 hour

The GBP/USD could be building a larger ABC zigzag (blue) and hence the Fibonacci levels of wave B vs A could act as support levels. The wave C (blue) Fibonacci levels could be targets.

1 hour

The GBP/USD broke above multiple resistance levels (dotted red). A break below support (blue) would make a wave 3 (orange) unlikely and a larger correction within wave B is probable. Price could retest the Fib levels of wave B vs A.

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