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Technical Analysis
Elliot Wave Analysis by Admiral Markets
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[QUOTE="Admiral Markets Group, post: 103125, member: 37217"] [SIZE=5][B]EUR/USD[/B][/SIZE] [SIZE=4][B]4 hour[/B][/SIZE] [URL='https://fxmedia.s3.amazonaws.com/articles/30-05-2016eu4.png'][IMG]https://fxmedia.s3.amazonaws.com/articles/30-05-2016eu4.png[/IMG][/URL] The EUR/USD downtrend continues lower after making a retracement and breaking support (dotted green). A bearish 123 (purple) becomes more likely when price is able to break below the 161.8% Fibonacci target. [SIZE=4][B]1 hour[/B][/SIZE] [URL='https://fxmedia.s3.amazonaws.com/articles/30-05-2016eu1.png'][IMG]https://fxmedia.s3.amazonaws.com/articles/30-05-2016eu1.png[/IMG][/URL] The EUR/USD broke below the support trend line (dotted green) and is building a bearish 3rd wave (orange). Once the wave 3 is completed then a slow and gradual wave 4 correction is expected. [SIZE=5][B]GBP/USD[/B][/SIZE] [SIZE=4][B]4 hour[/B][/SIZE] [URL='https://fxmedia.s3.amazonaws.com/articles/30-05-2016gu4.png'][IMG]https://fxmedia.s3.amazonaws.com/articles/30-05-2016gu4.png[/IMG][/URL] The GBP/USD failed to break the horizontal resistance (red). The broken resistance (dotted red) has now turned into a potential support level in the development of wave C (pink). The triangle pattern seems to be confirming the corrective mode at the moment. [SIZE=4][B]1 hour[/B][/SIZE] [URL='https://fxmedia.s3.amazonaws.com/articles/30-05-2016gu1.png'][IMG]https://fxmedia.s3.amazonaws.com/articles/30-05-2016gu1.png[/IMG][/URL] The GBP/USD seems to have made an ABC (grey) correction within the wave 4 retracement (green) as long as price stays above the 61.8% Fibonacci level. A break of the resistance trend line (red) of the triangle helps confirm the start of wave 5 (green). [SIZE=5][B]USD/JPY[/B][/SIZE] [SIZE=4][B]4 hour[/B][/SIZE] [URL='https://fxmedia.s3.amazonaws.com/articles/30-05-2016uj4.png'][IMG]https://fxmedia.s3.amazonaws.com/articles/30-05-2016uj4.png[/IMG][/URL] The USD/JPY broke the resistance (dotted red) of the contracting triangle chart pattern. Price is now moving higher as part of the wave 5 (purple). [SIZE=4][B]1 hour[/B][/SIZE] [URL='https://fxmedia.s3.amazonaws.com/articles/30-05-2016uj1.png'][IMG]https://fxmedia.s3.amazonaws.com/articles/30-05-2016uj1.png[/IMG][/URL] The USD/JPY broke above resistance (red) and price is now moving towards the Fibonacci targets of wave 5 (purple). [/QUOTE]
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