Elliot Wave Analysis by Admiral Markets

[Admiral Markets Group]

GBP/USD Bullish Break Runs into Resistance ahead of UK Elections

GBP/USD

4 hour

The UK will hold general parliamentary elections on Thursday 8 June 2017.

The GBP/USD broke above the resistance trend line (dotted red) which invalidated yesterday’s bearish wave count and could make a bullish variant more likely although both support and resistance levels remain nearby.

1 hour

The GBP/USD broke out above the smaller resistance line (dotted yellow) and is now challenging the resistance top (red).

EUR/USD

4 hour

The EUR/USD is moving higher in a bullish trend channel indicated by the support (blue) and resistance (red) trend lines. The new higher high is challenging the 100% Fib level at 1.13 of wave 2 (green), which is a break or bounce zone.

1 hour

The EUR/USD is trying to break above the resistance trend line (dotted orange) but it has a major resistance zone (red) at 1.13 just above it. It remains to be seen whether price will break or bounce at 1.13.

USD/JPY

4 hour

The USD/JPY broke below the support trend line (dotted green) and is challenging the Fibonacci levels of wave B (brown).

1 hour

The USD/JPY indeed completed a wave 4 (grey) as indicated earlier this week and is building one more lower low via a wave 5.

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[Admiral Markets Group]

EUR/USD Bearish Break below 1.18 within Wave 5

EUR/USD

4 hour



The EUR/USD bearish retracement is indeed continuing lower, as expected in the wave analysis earlier this week. Price is now approaching two strong support trend lines, which could act as a bounce or break zone. A bullish bounce indicates the completion of wave A (purple) whereas a bearish breakout could see price fall towards the 23.6% Fibonacci level of wave 4 (green).

1 hour



The EUR/USD broke below the support trend line (dotted green) and could be extending the 5th wave (brown) with 5 waves (orange) if price stays below the Fibonacci levels of wave 4 vs 3.

USD/JPY

4 hour



The USD/JPY completed an ABC (orange) zigzag within a larger ABC correction (brown) and seems to be starting a wave C correction now.

1 hour



The USD/JPY seems to have completed a potential wave 4 and truncated wave 5 (purple) which does not break the top of wave 3.

GBP/USD

4 hour



The GBP/USD continued with its downtrend and is building 5 waves (grey) within wave 1 (red).

1 hour



The GBP/USD could be extending the 5th waves with 5 more waves (green), which could see a bearish breakout below the support trend line (blue). The other scenario is that price will bounce and complete wave 1 and start wave 2 (red). In this case price will probably break above the resistance trend line (orange).

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Risk disclosure: Forex and CFD trading carries a high level where losses can exceed your deposits. This material is does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. Please note that the trading analyses which refers to past performance, may change over time. No representation is given as to the accuracy or completeness of the information and any person acting upon it does so entirely at their own risk. Before making any investment decisions, you should seek advice from independent financial advisor to ensure you understand the risks involved.

 

[Admiral Markets Group]

EUR/USD ABC Zigzag Challenges Support Zone and Aims at 1.16

EUR/USD

4 hour



The EUR/USD bearish retracement bounced at the support zone (blue lines), which might indicate that the wave A (purple) retracement has been completed. The wave A is part of a larger ABC correction within wave 4 (green) which could fall towards the 23.6% Fibonacci level of wave 4 vs 3.

1 hour



The EUR/USD broke below the support trend line (dotted green) and completed a wave 5 (orange), which in turn could complete a larger wave A (purple). Now price is building a falling wedge chart pattern, which is a bullish reversal pattern. A break above the resistance trend line (orange) would confirm the break and potential ABC (brown) correction within wave B (purple). A break below the support trend line (blue) could indicate a bearish breakout towards the 23.6% Fib at 1.16.

USD/JPY

4 hour



The USD/JPY is testing a larger support trend line (blue) from the daily support at 109.50. A bearish break could see price continue lower within wave C (brown).

1 hour



The USD/JPY seems to have completed a potential 5 wave which could be a wave 1 (orange). A break below support (green) could indicate the continuation of the bearish trend.

GBP/USD

4 hour



The GBP/USD seems to have completed 5 bearish waves within wave 1 (red). A bullish retracement could be part of a wave 2 (red).

1 hour



The GBP/USD has support and resistance trend lines which could offer breaking spots for the Cable. A bullish breakout could a wave C (purple) develop whereas a bearish break could see the downtrend continue.

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Risk disclosure: Forex and CFD trading carries a high level where losses can exceed your deposits. This material is does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. Please note that the trading analyses which refers to past performance, may change over time. No representation is given as to the accuracy or completeness of the information and any person acting upon it does so entirely at their own risk. Before making any investment decisions, you should seek advice from independent financial advisor to ensure you understand the risks involved.

 

[Admiral Markets Group]

EUR/USD Breaks Falling Wedge and Starts Wave B Correction

EUR/USD

4 hour



The EUR/USD bearish retracement indeed turned at the support zone (blue lines) as expected in yesterday’s wave analysis. Considering the divergence on this 4 hour chart, the bearish price action could be just one part of larger ABC (purple) retracement within wave 4 (green).

1 hour



The EUR/USD broke above the resistance (dotted orange) of yesterday’s falling wedge chart pattern and could moving towards the Fibonacci levels of wave B vs A which could act as potential resistance spots.

USD/JPY

4 hour



The USD/JPY is breaking below the larger support trend line (blue) from the daily support at 109.50. This bearish break could indicate a downtrend continuation within wave C (brown).

1 hour



The USD/JPY break below the support trend lines (dotted lines) indicates the continuation of the bearish trend, most likely within a wave 3 (orange).

GBP/USD

4 hour



The GBP/USD seems to have completed 5 bearish waves within wave 1 (red). The Cable could be building a potential bullish retracement as part of a wave 2 (red).

1 hour



The GBP/USD has support and resistance trend lines which could offer breaking spots for the Cable. A bullish breakout could lead to a wave C (purple) whereas a bearish break could see the downtrend continue.

Follow @ChrisSvorcik on twitter for latest market updates.
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Risk disclosure: Forex and CFD trading carries a high level where losses can exceed your deposits. This material is does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. Please note that the trading analyses which refers to past performance, may change over time. No representation is given as to the accuracy or completeness of the information and any person acting upon it does so entirely at their own risk. Before making any investment decisions, you should seek advice from independent financial advisor to ensure you understand the risks involved.

 

[Admiral Markets Group]

EUR/USD Decision Zone at 1.19: ABC Zigzag or Uptrend

EUR/USD

4 hour



The EUR/USD divergence between the tops (purple line) could create a larger bearish retracement via an ABC correction (purple). A break of the top and 100% Fibonacci level of wave B vs A at 1.1910 could indicate an uptrend continuation.

1 hour



The EUR/USD potential break above the resistance (red) of the triangle chart pattern could see price move towards the next 78.6% Fibonacci level of wave B vs A whereas a break below support (green/blue) could see price complete wave B (purple) and start wave C.

USD/JPY

4 hour



The USD/JPY broke below the support trend line (blue) and could be building a downtrend continuation within wave C (brown).

1 hour



The USD/JPY could be building a wave 4 (orange) pullback if price manages to stay below the bottom of wave 1 (orange) which is indicated by the resistance trend line (red).

GBP/USD

4 hour



The GBP/USD broke above the resistance trend line (dotted red) and could be building a potential bullish retracement as part of a wave 2 (red). The red trend lines and Fibonacci levels could act as a resistance zone. The purple boxes are indicating a potential head and shoulders reversal chart pattern.

1 hour



The GBP/USD bullish breakout has probably started wave C (purple) of wave 2 (red).

Follow @ChrisSvorcik on twitter for latest market updates.

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Risk disclosure: Forex and CFD trading carries a high level where losses can exceed your deposits. This material is does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. Please note that the trading analyses which refers to past performance, may change over time. No representation is given as to the accuracy or completeness of the information and any person acting upon it does so entirely at their own risk. Before making any investment decisions, you should seek advice from independent financial advisor to ensure you understand the risks involved.

 

[Admiral Markets Group]

USD/JPY Reversal at 109 Support Zone Starts ABC Zigzag

USD/JPY

4 hour





The USD/JPY bounced at the support zone (green lines) of the previous daily bottom and broke above the resistance trend line (dotted orange). The wave structure is therefore favouring a completion of the wave A (brown) at the newest low and the current bullish price action could be a wave A (orange) within wave B (brown).

1 hour



The USD/JPY is building a wave 5 (purple) within wave A (orange). Price could complete the wave 5 at the targets of wave 5 vs 1+3.

EUR/USD

4 hour



The EUR/USD made a bearish bounce at the Fibonacci levels of wave B vs A. The divergence between the tops (purple line) could create a larger bearish retracement via an ABC correction (purple). The main targets are the 23.6 and 38.2% Fibonacci levels of wave 4 vs 3. A break of the top and 100% Fibonacci level of wave B vs A at 1.1910 could indicate an uptrend continuation.

1 hour



The EUR/USD potential break above the resistance (red) of the triangle chart pattern could see price move towards the next 78.6% Fibonacci level of wave B vs A whereas a break below support (blue) could see price continue towards the 23.6% Fib of wave 4 (green).

GBP/USD

4 hour



The GBP/USD downtrend is building a pause by moving sideways between support (blue) and resistance (orange). A bearish breakout could indicate the continuation of wave 1 (red).

1 hour



The GBP/USD sideways zone increases the chance that the current pattern is a choppy wave 4 (purple) correction.

Follow @ChrisSvorcik on twitter for latest market updates.

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Risk disclosure: Forex and CFD trading carries a high level where losses can exceed your deposits. This material is does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. Please note that the trading analyses which refers to past performance, may change over time. No representation is given as to the accuracy or completeness of the information and any person acting upon it does so entirely at their own risk. Before making any investment decisions, you should seek advice from independent financial advisor to ensure you understand the risks involved.

 

[Admiral Markets Group]

EUR/USD, GBP/USD Build Shallow Retracements after Bearish Breakout

EUR/USD

4 hour



The EUR/USD is showing bearish continuation as expected in the wave analysis earlier this week. Price is building a potential ABC (purple) correction within a larger wave 4 (green). The main target of the ABC are the Fibonacci levels of wave 4 vs 3 (green).

1 hour



The EUR/USD broke below the support trend line (dotted blue) but was unable to break below the bottom (green line). Price is now building a pullback, which could be a wave 4 (brown). A break above the 61.8% and resistance trend line (red) makes a wave 4 less likely. A break below support (greens) could see price continue towards 23.6% Fib.

GBP/USD

4 hour



The GBP/USD broke below the support trend line (dotted blue) and continued the downtrend.

1 hour



The GBP/USD is building an extension within the 5th wave with another 5 waves (grey). The current pullback is a bear flag chart pattern and could be a wave 4 (grey). A break above the 61.8% Fibonacci level invalidates the wave 4.

USD/JPY

4 hour



The USD/JPY breakout managed to reach the 38.2% Fibonacci resistance level of the wave B (brown), which could cause a bearish bounce and complete wave A (orange).

1 hour



The USD/JPY seems to have completed wave 5 (purple) within wave A (orange). A bullish break above resistance (orange) could see an extension the uptrend whereas a bearish break of the support trend lines could see an ABC (purple) within wave B (orange).

Follow @ChrisSvorcik on twitter for latest market updates.
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Risk disclosure: Forex and CFD trading carries a high level where losses can exceed your deposits. This material is does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. Please note that the trading analyses which refers to past performance, may change over time. No representation is given as to the accuracy or completeness of the information and any person acting upon it does so entirely at their own risk. Before making any investment decisions, you should seek advice from independent financial advisor to ensure you understand the risks involved.

 

[Admiral Markets Group]

EUR/USD Completes Zigzag and Uptrend Challenges Resistance at 1.18

EUR/USD

4 hour





The EUR/USD showed a strong bullish 4 hour candle at the support trend lines (green/blue), which indicates the potential completion of the wave 4 (green) correction. A break above the resistance trend line (red) increases the chance for a wave 5 (green) breakout.

1 hour



The EUR/USD seems to have completed a wave 4 and 5 (brown) within wave C (purple). The bullish bounce also offers 5 waves which could complete wave 1 (purple).

GBP/USD

4 hour



The GBP/USD is testing the resistance trend line (red). A bullish break should start a wave 2 (red) correction whereas a bearish bounce could still indicate the continuation of wave 5 of wave 1 (red).

1 hour



The alternative structure is that the GBP/USD is building a wave 4 (grey) within the downtrend. This scenario is invalidated if price manages to break above the resistance trend line (red) and 61.8% Fib of wave 4 vs 3.

USD/JPY

4 hour



The USD/JPY turned at the 38.2% Fibonacci resistance level which completed a potential wave A (orange). The bearish price action could be part of an ABC within wave B (brown). The invalidation level of the wave B is the 100% Fib level of wave B vs A at 108.73

1 hour



The USD/JPY showed bearish momentum which could be a wave A (purple) within a larger ABC of wave B (orange). The invalidation level of the wave A is the 100% Fib level of wave B vs A at 110.95.

Follow @ChrisSvorcik on twitter for latest market updates.
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Risk disclosure: Forex and CFD trading carries a high level where losses can exceed your deposits. This material is does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. Please note that the trading analyses which refers to past performance, may change over time. No representation is given as to the accuracy or completeness of the information and any person acting upon it does so entirely at their own risk. Before making any investment decisions, you should seek advice from independent financial advisor to ensure you understand the risks involved.

 

[Admiral Markets Group]

EUR/USD Develops Bull Flag Chart Pattern at Support Zone

EUR/USD

4 hour



The EUR/USD is building a bull flag continuation chart pattern above the long-term trend line (blue), local support (blue), and long-term moving average, which favours a wave 4 (green) correction. A bullish break above resistance (red) would confirm the end of wave 4 and start of wave 5.

1 hour



The EUR/USD seems to be building a wave 1-2 (purple) as long as price stays above the 100% Fib level of wave 2 vs 1. A break above resistance (red) line could see the start of wave 3.

USD/JPY

4 hour



The USD/JPY has retested key support zone (green lines), which will act as bounce or break spot. A bullish bounce could see price expand a wave B (brown) correction via an ABC (orange) flat whereas a bearish break would indicate a downtrend continuation and the completion of wave B (brown) at 111 (where A orange is now).

1 hour



The USD/JPY is testing the resistance trend line of the bearish channel (orange lines).

GBP/USD

4 hour



The GBP/USD could have completed a 5th wave (purple) within wave 1 (red). A bearish bounce at the resistance trend line (red) could see price move lower towards the Fib targets of wave 5.

1 hour



A GBP/USD bullish break above resistance (red/orange) could see the start of a wave 2 (red).

Follow @ChrisSvorcik on twitter for latest market updates.

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Risk disclosure: Forex and CFD trading carries a high level where losses can exceed your deposits. This material is does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. Please note that the trading analyses which refers to past performance, may change over time. No representation is given as to the accuracy or completeness of the information and any person acting upon it does so entirely at their own risk. Before making any investment decisions, you should seek advice from independent financial advisor to ensure you understand the risks involved.

 

[Admiral Markets Group]

EUR/USD First Signs of Bullish Break above 1.18 Bull Flag

EUR/USD

4 hour





The EUR/USD is breaking above resistance trend lines (dotted reds) of a bull flag continuation chart pattern of a wave 4 (green) correction. This bullish break above resistance (red) could confirm the end of wave 4 and start of wave 5.

1 hour



The EUR/USD seems to be building a 5 wave extension within wave 3 (purple). The wave 4 (brown) pullback should not retrace deeper than the 50% at 1.1780 otherwise the wave 4 is invalidated. A break above the bull flag chart pattern confirms the continuation of the wave 3 (purple) towards the Fib targets of wave 3 vs 1.

USD/JPY

4 hour



The USD/JPY has bounced again at the key support zone (green lines). The bullish bounce could see price expand a wave B (brown) correction via an ABC (orange) flat.

1 hour



The USD/JPY broke above the resistance trend line (dotted orange) of the downtrend and is now showing a potential bounce. A bullish break above resistance (red) would confirm the potential wave 3 (purple) whereas a bearish break below support (green) would invalidate it.

GBP/USD

4 hour



The GBP/USD could have completed a 5th wave (purple) within wave 1 (red). A bullish bounce at the support trend line (blue) could see price move higher towards the Fibonacci retracement levels of wave 2 (red).

1 hour



A GBP/USD seems to be building a large correction via WXY (purple).

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Risk disclosure: Forex and CFD trading carries a high level where losses can exceed your deposits. This material is does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. Please note that the trading analyses which refers to past performance, may change over time. No representation is given as to the accuracy or completeness of the information and any person acting upon it does so entirely at their own risk. Before making any investment decisions, you should seek advice from independent financial advisor to ensure you understand the risks involved.

 

[Admiral Markets Group]

EUR/USD Slips Back into Triangle Pattern and Awaits Breakout

EUR/USD

4 hour



The EUR/USD failed to immediately continue with the bullish breakout yesterday and is building an expanded wave 4 (green) correction via a WXY (purple) pattern. A next breakout above the resistance trend line (red) of the contracting triangle pattern could see the continuation of wave 3 (blue).

1 hour



The EUR/USD is building a smaller triangle pattern which are indicated by the support (green) and resistance (orange) trend lines. A break below support could see price challenge the bigger support zone (blue) and perhaps even the 23.6% Fib of wave 4 vs 3. A break above resistance could see price test the bigger resistance line (red). There is the possibility of an ABC (brown) correction before wave 4 (green) is ready but a break above the major resistance (red) would invalidate that and indicate a potential bullish breakout.

USD/JPY

4 hour





The USD/JPY made a bullish rally away from the key support zone (green lines) but bearish price action is now challenging the support trend line (blue). A bounce could see price move higher towards the Fib levels of wave B vs A whereas a bearish break could indicate a retest of the support zone.

1 hour



The USD/JPY is testing the intermediate support levels (blue lines). Price is either building a 123 (purple) or completed an ABC (blue), which will depend on how price responds to the support trend lines.

GBP/USD

4 hour



The GBP/USD made a new lower low but was unable to break below the support trend line (blue). The downtrend channel (red) is still valid for this Cable pair and price could test the Fib levels.

1 hour



The GBP/USD bearish breakout (dotted green) is most likely a wave 3 (green). The wave 4 (green) is valid as long as price stays below the 61.8% Fib at 1.2872.

Follow @ChrisSvorcik on twitter for latest market updates.

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Risk disclosure - Forex and CFD trading carries a high level where losses can exceed your deposits. This material is does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. Please note that the trading analyses which refers to past performance, may change over time. No representation is given as to the accuracy or completeness of the information and any person acting upon it does so entirely at their own risk. Before making any investment decisions, you should seek advice from independent financial advisor to ensure you understand the risks involved.

 

[Admiral Markets Group]

EUR/USD Retests Resistance of Bull Flag Pattern at 1.1825

EUR/USD

4 hour



The EUR/USD is challenging the resistance trend line (red) of the bull flag chart pattern. At the moment it is unable to break and a correction back to the support trend lines is possible. The next breakout above resistance (red) of the contracting triangle pattern should see the continuation of wave 3 (blue).

1 hour



The EUR/USD has arrived at a break spot. A break below support (light green) could see price challenge the bigger support zones (green/blue) and perhaps even the 23.6% Fib of wave 4 vs 3, whereas a break above resistance could lead to an uptrend continuation. There is the possibility of an ABC (brown) correction before wave 4 (green) is ready but a break above the major resistance (red) would invalidate that and indicate a potential bullish breakout.

USD/JPY

4 hour



The USD/JPY is again retesting the support zone (green lines). A bounce could see price move higher towards the Fib levels of wave B vs A whereas a bearish break could indicate a downtrend continuation.

1 hour



The USD/JPY is building a channel (red/blue lines) at the support zone (green).

GBP/USD

4 hour



The GBP/USD is moving lower within the downtrend channel (red). The round quarter level of 1.2750 could act as a support zone.

1 hour



The GBP/USD indeed completed a wave 4 (green) correction and is moving lower in a smaller channel (orange lines).

Follow @ChrisSvorcik on twitter for latest market updates.

Connect with Chris Svorcik on Facebook for latest Forex and education tips.

Risk disclosure - Forex and CFD trading carries a high level where losses can exceed your deposits. This material is does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. Please note that the trading analyses which refers to past performance, may change over time. No representation is given as to the accuracy or completeness of the information and any person acting upon it does so entirely at their own risk. Before making any investment decisions, you should seek advice from independent financial advisor to ensure you understand the risks involved.

 

[Admiral Markets Group]

GBP/USD Challenges Resistance of Downtrend Channel after 1.2775 Bounce

GBP/USD

4 hour




25-08-2017gu4.png1668x790 230 KB


The GBP/USD is testing the resistance line of the downtrend channel (red) after indeed bouncing near the round quarter support level of 1.2750. A bullish breakout could start wave A (purple) of a larger wave 2 (red) correction. A bearish break below support (blue) and the 1.2750 support could restart the downtrend within the channel.

1 hour




25-08-2017gu1.png1668x790 217 KB


The GBP/USD broke above the resistance trend line (dotted orange) and could be starting a wave A (purple) correction if price manages to break above the next resistance trend lines and stay above support (blue).

EUR/USD

4 hour




25-08-2017eu4.png1668x752 212 KB


The EUR/USD is building an extended and complex correction within wave 4 (green). Price is still challenging the resistance trend line (red) of the triangle chart pattern and the next breakout above resistance (red) should see the continuation of wave 3 (blue). Price could also retest the support trend lines (green/blue) within wave Y (purple).

1 hour




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The EUR/USD is building a sideways correction and has both support (green) and resistance (red) nearby. There is the possibility of an ABC (brown) correction before wave 4 (green) is ready but a break above the major resistance (red) would indicate a potential bullish breakout.

USD/JPY

4 hour




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The USD/JPY is again bouncing at the support zone (green lines). A bounce could see price move higher towards the Fib levels of wave B vs A whereas a bearish break could indicate a downtrend continuation.

1 hour




25-08-2017uj1.png1668x790 238 KB


The USD/JPY is building a channel (red/blue lines) at the support zone (green).

Follow @ChrisSvorcik on twitter for latest market updates.
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Risk disclosure - Forex and CFD trading carries a high level where losses can exceed your deposits. This material is does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. Please note that the trading analyses which refers to past performance, may change over time. No representation is given as to the accuracy or completeness of the information and any person acting upon it does so entirely at their own risk. Before making any investment decisions, you should seek advice from independent financial advisor to ensure you understand the risks involved.

 

[Admiral Markets Group]

EUR/USD Bullish Break above Triangle Pattern Challenges 1.20

EUR/USD

4 hour




28-08-2017eu4.png1668x754 209 KB


The EUR/USD did break above the resistance trend line (dotted red) of the triangle chart pattern as expected. This breakout is a continuation of wave 5 (green) of wave 3 (blue). The first target is the round level of 1.20, which could cause a retracement.

1 hour




28-08-2017eu1.png1668x754 213 KB


The EUR/USD bullish breakout is building an internal 5 wave (purple) and is currently in a wave 3 (purple).

USD/JPY

4 hour




28-08-2017uj4.png1668x754 232 KB


The USD/JPY remains caught in between support (green lines) and resistance (orange). A bounce could see price move higher towards the Fib levels of wave B vs A whereas a bearish break could indicate a downtrend continuation.

1 hour




28-08-2017uj1.png1668x754 215 KB


The USD/JPY is building a channel (red/blue lines) at the support zone (green).

GBP/USD

4 hour




28-08-2017gu4.png1668x789 226 KB


The GBP/USD bullish breakout indeed took place as expected and started wave A (purple) of a larger wave 2 (red) correction.

1 hour




28-08-2017gu1.png1668x753 225 KB


The GBP/USD could have completed an ABC wave (purple) at the recent high or it could be building a wave 4-5 within wave A (purple). This depends on whether price will bounce at the 61.8% Fibonacci level of wave 4 vs 3.

Follow @ChrisSvorcik on twitter for latest market updates. Connect with Chris Svorcik on Facebook for latest Forex and education tips.

Risk disclosure - Forex and CFD trading carries a high level where losses can exceed your deposits. This material is does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. Please note that the trading analyses which refers to past performance, may change over time. No representation is given as to the accuracy or completeness of the information and any person acting upon it does so entirely at their own risk. Before making any investment decisions, you should seek advice from independent financial advisor to ensure you understand the risks involved.

 

[Admiral Markets Group]

EUR/USD Break, Pullback and Continuation Pattern at 1.20 Resistance

EUR/USD

4 hour




30-08-2017eu4.png1668x754 215 KB


The EUR/USD broke above the 1.20 round level resistance and continued its bullish momentum towards the 23.6% Fibonacci target at 1.2075. Price made a strong bearish retracement after hitting this target and fell back to the 38.2% Fibonacci support level of wave 4 (purple), which could be a potential support zone within wave 5 (green).

1 hour




30-08-2017eu1.png1668x753 205 KB


The EUR/USD is most likely in a wave 4 (purple) correction when considering the strong bullish momentum within wave 3 (purple). A break below the 61.8% Fibonacci level of wave 4 vs 3 makes the wave 4 (purple) unlikely. A typical correction pattern for wave 4 (purple) is an ABCDE contracting triangle.

USD/JPY

4 hour




30-08-2017uj4.png1668x791 235 KB


The USD/JPY failed to break the support zone (green) indicated by the green lines. The bearish price action now looks like an ABC (purple) correction within wave B (orange) and price is building a wave C within wave B (brown).
1 hour




30-08-2017uj1.png1668x790 212 KB


The USD/JPY bullish momentum is probably a wave 3 (purple). Once wave 3 is completed, a wave 4 (purple) correction could take place back to the Fib levels of wave 4 vs 3 which could cause a potential bullish bounce.

GBP/USD

4 hour




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The GBP/USD bullish momentum has probably completed a wave A (purple), which stopped at the 38.2% Fibonacci resistance level. Price could now be building a correction within wave B (purple).
1 hour




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The GBP/USD completed a 5 wave (grey) pattern within wave A (purple). Price is now building a potential ABC correction (grey) within wave B (purple).

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Risk disclosure - Forex and CFD trading carries a high level where losses can exceed your deposits. This material is does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. Please note that the trading analyses which refers to past performance, may change over time. No representation is given as to the accuracy or completeness of the information and any person acting upon it does so entirely at their own risk. Before making any investment decisions, you should seek advice from independent financial advisor to ensure you understand the risks involved.

 

[Admiral Markets Group]

EUR/USD Break, Pullback and Continuation Pattern at 1.20 Resistance

EUR/USD

4 hour




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The EUR/USD broke above the 1.20 round level resistance and continued its bullish momentum towards the 23.6% Fibonacci target at 1.2075. Price made a strong bearish retracement after hitting this target and fell back to the 38.2% Fibonacci support level of wave 4 (purple), which could be a potential support zone within wave 5 (green).

1 hour




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The EUR/USD is most likely in a wave 4 (purple) correction when considering the strong bullish momentum within wave 3 (purple). A break below the 61.8% Fibonacci level of wave 4 vs 3 makes the wave 4 (purple) unlikely. A typical correction pattern for wave 4 (purple) is an ABCDE contracting triangle.

USD/JPY

4 hour




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The USD/JPY failed to break the support zone (green) indicated by the green lines. The bearish price action now looks like an ABC (purple) correction within wave B (orange) and price is building a wave C within wave B (brown).

1 hour




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The USD/JPY bullish momentum is probably a wave 3 (purple). Once wave 3 is completed, a wave 4 (purple) correction could take place back to the Fib levels of wave 4 vs 3 which could cause a potential bullish bounce.

GBP/USD

4 hour




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The GBP/USD bullish momentum has probably completed a wave A (purple), which stopped at the 38.2% Fibonacci resistance level. Price could now be building a correction within wave B (purple).

1 hour

The GBP/USD completed a 5 wave (grey) pattern within wave A (purple). Price is now building a potential ABC correction (grey) within wave B (purple).

Follow @ChrisSvorcik on twitter for latest market updates.
Connect with Chris Svorcik on Facebook for latest Forex and education tips.

Risk disclosure - Forex and CFD trading carries a high level where losses can exceed your deposits. This material is does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. Please note that the trading analyses which refers to past performance, may change over time. No representation is given as to the accuracy or completeness of the information and any person acting upon it does so entirely at their own risk. Before making any investment decisions, you should seek advice from independent financial advisor to ensure you understand the risks involved.

 

[Admiral Markets Group]

USD/JPY Bullish Momentum Faces Strong 111 Resistance Zone

USD/JPY

4 hour




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The USD/JPY bullish momentum broke above the resistance trend line (dotted brown) but price has a strong horizontal resistance level nearby (red). Price seems to be building 5 (blue) bullish waves within wave 1 or wave A.

1 hour




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The USD/JPY is showing strong bullish momentum and is building 5 extended waves (purple). A break below support could indicate the start of a bearish correction.

EUR/USD

4 hour




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The EUR/USD broke below the support trend line (dotted blue) and extended the bearish price action. The wave structure is most likely indicating a wave C (red) within a larger wave 4 (blue). The Fibonacci levels of wave C vs A are most likely bouncing spots for further upside.

1 hour




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The EUR/USD broke below the minor support (dotted blue) and price is building 5 internal waves (brown) within wave 5 (purple). Price could bounce at the previous bottom (green line) of wave A for instance. A break of resistance (red) could indicate the start of a new uptrend.

GBP/USD

4 hour




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The GBP/USD broke below the support trend line (dotted green) and completed the 3rd wave (purple). Price could now be in a potential wave 4 (purple) retracement which could bounce at the Fibonacci levels of wave 4 vs 3.

1 hour




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The GBP/USD did indeed complete multiple waves 5 at around 1.33. The retracement has broken below multiple support levels (dotted green) and is now testing the Fibonacci levels.

Follow @ChrisSvorcik on twitter for latest market updates.
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Risk disclosure - Forex and CFD trading carries a high level where losses can exceed your deposits. This material is does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. Please note that the trading analyses which refers to past performance, may change over time. No representation is given as to the accuracy or completeness of the information and any person acting upon it does so entirely at their own risk. Before making any investment decisions, you should seek advice from independent financial advisor to ensure you understand the risks involved.

 

[Admiral Markets Group]

EUR/USD Completes ABC Correction at 100% Fibonacci Level

EUR/USD

4 hour




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The EUR/USD made a bullish bounce at the 100% Fibonacci level of wave C (red). Price will need to break above the resistance trend line (red) before the completion of wave 4 (blue) could become more likely.

1 hour




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The EUR/USD completed 5 internal waves (brown) within wave 5 (purple) and price bounced at the previous bottom (green line) of wave A. A break of resistance (red) could indicate the start of a new uptrend.

USD/JPY

4 hour




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The USD/JPY made a bearish bounce at the strong horizontal resistance level (red). This could indicate the start of a wave 2 (brown) or alternatively a wave B (green). The correction could unfold via an ABC (blue) and therefore the Fibonacci levels of wave B vs A could act as resistance.

1 hour




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The USD/JPY is in a wave B (blue) unless price manages to break above the 138.2% Fibonacci level. A break below support (green) could see price make a bearish breakout within wave 2 (brown).

GBP/USD

4 hour




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The GBP/USD indeed bounced at the Fibonacci levels of wave 4 (purple) retracement and continue with the larger uptrend of wave 3 (blue).

1 hour




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The GBP/USD could push towards the Fibonacci targets of wave 5 (purple).

Follow @ChrisSvorcik on twitter for latest market updates.
Connect with Chris Svorcik on Facebook for latest Forex and education tips.

Risk disclosure - Forex and CFD trading carries a high level where losses can exceed your deposits. This material is does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. Please note that the trading analyses which refers to past performance, may change over time. No representation is given as to the accuracy or completeness of the information and any person acting upon it does so entirely at their own risk. Before making any investment decisions, you should seek advice from independent financial advisor to ensure you understand the risks involved.

 

[Admiral Markets Group]

GBP/USD Bull Flag Continuation Chart Pattern Targets 1.3750

GBP/USD

4 hour




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The GBP/USD bullish momentum is strong and probably part of a wave 3 (blue). The resistance line (orange) is a potential resistance from the daily chart.

1 hour




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The GBP/USD is building a bull flag chart pattern (red/blue), which is a continuation pattern within the uptrend. The Fibonacci levels of wave 4 vs 3 (grey) are most likely support whereas a break above the bull flag could see price challenge the Fibonacci targets of wave 5 (grey/purple).

EUR/USD

4 hour




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The EUR/USD seems to have completed an ABC correction (red) within the wave 4 (blue). A bullish breakout could indicate the continuation of the uptrend via wave 5 (blue).

1 hour




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The wave 4 (blue) might become extended via a WXY formation (red) if price develops a 3 wave pattern (purple).

USD/JPY

4 hour




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The USD/JPY is challenging the strong horizontal resistance level (red), which could indicate the end of a wave 1 (light green) or alternatively wave A (green).

1 hour




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The USD/JPY break below the support trend lines (green/blue) could indicate a bearish ABC correction. Otherwise price could still continue slightly higher within the wave 5 (blue).

Follow @ChrisSvorcik on twitter for latest market updates.
Connect with Chris Svorcik on Facebook for latest Forex and education tips.

Risk disclosure - Forex and CFD trading carries a high level where losses can exceed your deposits. This material does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. Please note that the trading analyses which refers to past performance, may change over time. No representation is given as to the accuracy or completeness of the information and any person acting upon it does so entirely at their own risk. Before making any investment decisions, you should seek advice from an independent financial advisor to ensure you understand the risks involved.

 

[Admiral Markets Group]

Bullish EUR/USD, GBP/USD Test Resistance Fibonacci Levels

EUR/USD

4 hour




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The EUR/USD is probably in an extended correction within wave 4 (blue) when considering the sideways price movement between support (green) and resistance (red). Currently I’m expecting a longer wave Y (red) because from a time perspective the current wave seems short when compared to wave X and Y (red).

1 hour




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The EUR/USD could perhaps be building an ABC (purple) zigzag correction within wave Y (red). The confirmation could be a bearish candlestick pattern at the Fibonacci levels of wave B (purple) or a break of the support trend line (blue). A break above the resistance trend line (orange) and 78.6% Fib of wave B vs A with strong candles could indicate uptrend continuation.

GBP/USD

4 hour




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The GBP/USD bounced at the support trend line (green). The bounce could be part of the wave 4 (blue) correction as typically waves 4 are lengthy consolidation patterns.

1 hour




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The GBP/USD is probably building an ABC (grey) correction within wave B (purple) but a break above the resistance trend lines and 78.6% Fib of wave B vs A with strong candles could indicate uptrend continuation.

USD/JPY

4 hour




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The USD/JPY did not manage to break above the resistance trend line (red) and bounced back down. Price is now testing a support trend line (green).

1 hour




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The USD/JPY could be a wave 123 (orange) which could be part of a larger ABC correction.

Follow @ChrisSvorcik on twitter for latest market updates.
Connect with Chris Svorcik on Facebook for latest Forex and education tips.

Risk disclosure - Forex and CFD trading carries a high level where losses can exceed your deposits. This material does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. Please note that the trading analyses which refers to past performance, may change over time. No representation is given as to the accuracy or completeness of the information and any person acting upon it does so entirely at their own risk. Before making any investment decisions, you should seek advice from an independent financial advisor to ensure you understand the risks involved.