Elliot Wave Analysis by Admiral Markets

Admiral Markets Group

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Mar 23, 2016
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EUR/USD Bearish Divergence Creates Bullish Break above 1.06

EUR/USD

4 hour

13-04-2017eu4.png


The EUR/USD is finally breaking above the resistance trendline (dotted red) after having built divergence between the bottoms (purple line). This bullish breakout could spark a retracement within wave 2 vs 1 (green).

1 hour

13-04-2017eu1.png


The EUR/USD built a corrective ABC (pink) zigzag as expected to the Fibonacci levels of wave X (orange). Price turned at the 61.8% Fibonacci support level and then broke above the mini trendline (dotted orange). Price is now probably heading towards 1.07, which is the 38.2% Fib of wave 2 vs 1 on the 4 hour chart.

GBP/USD

4 hour

13-04-2017gu4.png


The GBP/USD bullish breakout is still pushing to higher levels within a wave Y (blue), but the price is approaching larger resistance levels (brown/red). This decision zone could see a bearish bounce and turn, whereas a break above the previous top of the triangle (red line) would invalidate wave E (green).

1 hour

13-04-2017gu1.png


The GBP/USD is probably building another 5 wave pattern (purple) within wave 5 (pink). The wave 4 (purple) is invalidated if the price manages to retrace deeper than the top of wave 1 (green line).

USD/JPY

4 hour

13-04-2017uj4.png


The USD/JPY bearish breakout is so far not showing any signs of slowing down, despite the fact that price is near a 50% Fibonacci level of wave 4 (purple). A strong push below 109 would make a continuation towards the 61.8% Fibonacci retracement likely (plus a new wave structure).

1 hour

13-04-2017uj1.png


The USD/JPY could soon show divergence between the two bottom, which is typical for a wave 3 and 5 wave structure (purple). Price has also reached the bottom of the channel (green line), which could act as a support level. A bullish bounce above 108.50 could still be considered a reaction to the 50% Fibonacci level of wave 4 vs 3.

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Admiral Markets Group

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GBP/USD Final Pieces of Contracting Triangle Built around 1.25

GBP/USD

4 hour

17-04-2017gu4.png


The GBP/USD bearish bounce at resistance (brown) confirmed wave W (orange) and price has retraced back to the 38.2% Fibonacci support level of wave W vs X (orange). Price is moving between support (blue) and resistance (brown) and could be close to completing a chart triangle indicated by wave E (green).

1 hour

17-04-2017gu1.png


The GBP/USD could extend the wave X (orange) with a new ABC (pink) zigzag that could take price back down to the support trend line (blue). Price would need to break below the bear flag to confirm the correction (orange lines).

EUR/USD

4 hour

17-04-2017eu4.png


The EUR/USD is challenging the bullish support trend line (blue). A bounce at this level plus break above the smaller resistance line (red) could see a larger retracement within wave 2 vs 1 (green).

1 hour

17-04-2017eu1.png


The EUR/USD completed a wave Y (pink) correction, which in turn could lead to a larger WXY (orange) within wave 2 (green). The wave X (orange) stays valid as long as price stays above the 138.2% Fibonacci level of wave X vs W.

USD/JPY

4 hour

17-04-2017uj4.png


The USD/JPY made a bearish breakout below 108.50 which makes it more likely that price is in a wave B (green). A wave 3 (orange) bearish momentum seems to be taking place as price reaches the 161.8% Fibonacci target. Once the wave 3 has been completed and the potential wave 4 starts, price cannot retrace above the bottom of wave 1 (red line) without invalidating it.

1 hour

17-04-2017uj1.png


The USD/JPY broke the bear flag (dotted green) chart pattern and seems to be building a wave 5 (purple) within wave 3 (orange).

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Admiral Markets Group

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GBP/USD Retracement Returns to 38.2% Fibonacci at 1.2750


GBP/USD

4 hour

20-04-2017gu4.png


The Members of the British Parliament have approved the Prime Minister’s plan yesterday to organise an early general election on June 8. The vast majority of the Parliament Members approved the motion (522 out of 650) clearing the bar of the two-thirds needed for accepting the plan.

The election news did not impact the GBP/USD as much as it did on Tuesday. The Cable currency moved sideways which is forming a bull flag chart pattern (green/red lines) in the meantime. Price is testing the 61.8% Fibonacci level of wave 4 (purple) and could show one more higher high if it breaks above the bull flag.

1 hour

20-04-2017gu1.png


The GBP/USD retracement has reached the 38.2% Fibonacci retracement level at 1.2750 which could act as a bounce zone if price is indeed in a wave 4 (purple) correction. A break below the 61.8% Fibonacci level makes a wave 4 invalid. A break above the bull flag could see a wave 5 (purple) develop.

EUR/USD

4 hour

20-04-2017eu4.png


The EUR/USD has paused at the 50% Fibonacci retracement level of wave 2 (brown) but a continuation breakout could see price challenge higher Fibonacci levels.

1 hour

20-04-2017eu1.png


The EUR/USD has retraced to the 38.2% Fibonacci level of wave 4 (pink). A break below the 61.8% Fib invalidates the wave 4 (pink) but otherwise a wave 5 (pink) within wave C (purple) is likely to develop.

USD/JPY

4 hour

20-04-2017uj4.png


The USD/JPY is building a potential wave 4 correction (orange), which would become invalid if price retraced above the bottom of wave 1 (red line). A break below the support level (blue) could indicate a bearish breakout and completion of wave 4 (orange).

1 hour

20-04-2017uj1.png


The USD/JPY could be building an ABC (purple) zigzag correction towards the Fibonacci levels of wave 4 (orange) where a break above the resistance level (red) could spark a wave C (purple).

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Admiral Markets Group

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USD/JPY Bullish Breakout above Bull Flag Pattern at 110

USD/JPY

4 hour

26-04-2017uj4.png


Yesterday the USD/JPY broke as expected above the 110 resistance (dotted red) of the bull flag chart pattern. Price has continued with its bullish extension in wave 3 (brown) and has now arrived at the 261.8% Fibonacci target which could create a potential retracement.

1 hour

26-04-2017uj1.png


The USD/JPY breakout above resistance (dotted red) has reached a main Fibonacci target and is therefore at a bounce or break spot.

EUR/USD

4 hour

26-04-2017eu4.png


The EUR/USD broke above the resistance trend line (dotted red) and has hit the first target at 1.0950. The second target is the psychological round level of 1.10. A break above that could see the EUR/USD extend towards the 78.6% Fibonacci level of wave 2 (green).

1 hour

26-04-2017eu1.png


The EUR/USD bullish breakout confirmed that the expected wave 4 and 5 (pink) were correct. Price is now stopping at 1.0950 but a new breakout above the trend lines (dark red) could see price challenge 1.10, which is a new resistance level and a bounce or break spot. Bears could probably better wait for price to break below the support trend line (blue).

GBP/USD

4 hour

26-04-2017gu4.png


The GBP/USD bull flag chart pattern (red/blue lines) remains intact as long as price stays in between those levels. A break above resistance (red) could see price challenge the next Fibonacci level whereas a break below support (blue) could find a bounce at 1.27 support.

1 hour

26-04-2017gu1.png


The GBP/USD has respected the 38.2% Fibonacci retracement level but a break below the 61.8% Fibonacci level invalidates wave 4 (purple). A break above the bull flag (red) could see a wave 5 (purple) develop.

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Admiral Markets Group

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GBP/USD Triangle Chart Pattern Emerges around 1.29

GBP/USD

4 hour

02-05-2017gu4.png


The GBP/USD is building a contracting triangle chart pattern within a trend channel (red/green) which is taking place in wave C (orange). A bounce at the support trend line (green) could see price continue towards the Fibonacci targets of wave 5 (purple) whereas a break below support (green) could see price correct back to the previous support (blue).

1 hour

02-05-2017gu1.png


The GBP/USD has retraced back to the 50% Fibonacci level of wave 4 (pink), which could be confirmed if price breaks above resistance (red) and invalidated if price breaks below the 61.8% Fibonacci level.

EUR/USD

4 hour

02-05-2017eu4.png


The EUR/USD is in a consolidation pattern which is best indicated by the support (blue) and resistance (red) trend lines. A bullish break above resistance (red) would indicate a potential uptrend continuation towards the 78.6% Fibonacci level of wave 2 (green) whereas a bearish break could start a reversal and indicate the completion of the ABC zigzag (purple).

1 hour

02-05-2017eu1.png

The EUR/USD reversal or retracement pattern is invalidated if price manages to break above the resistance trend lines (red/orange). A larger reversal or correction could take place if price breaks below the support trend lines (blue).

USD/JPY

4 hour

02-05-2017uj4.png

The USD/JPY has completed the wave 4 (brown) correction at the support trend line (green) and is now continuing towards the Fibonacci targets of wave 5 (brown).

1 hour

02-05-2017uj1.png


The USD/JPY broke the contracting triangle (dotted red) chart pattern and a bullish breakout is developing within a wave 5 (brown). A new resistance level (red) needs to be broken before the wave 5 (brown) can continue.

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Admiral Markets Group

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GBP/USD Retracement within Bull Flag Chart Pattern

GBP/USD

4 hour

04-05-2017gu4.png


The GBP/USD is building a triangle chart pattern (orange/blue) within the uptrend. A bullish break could see price challenge the 1.30 round level and Fibonacci targets whereas a bearish break could start a larger correction or reversal.

1 hour

04-05-2017gu1.png


The GBP/USD broke the support of the mini-channel (dotted green lines) and made a larger correction back to the previous bottom (blue) which could be a new bounce or break spot. The channel trend lines (orange/blue) are indicating a bull flag chart pattern (blue lines).

EUR/USD

4 hour

04-05-2017eu4.png


The EUR/USD consolidation pattern remains intact. A break below the support (blue) or above the resistance (red) trend lines is needed before the pattern is broken. A bullish break could indicate a potential uptrend continuation towards the 78.6% Fibonacci level of wave 2 (green) whereas a bearish break could start a reversal and indicate the completion of the ABC zigzag (purple).

1 hour

04-05-2017eu1.png

The EUR/USD failed to break above the resistance level (red) yesterday and instead built a wave B (orange) correction within a potential wave 4 (pink). The next targets could the psychological even level at 1.10 and the 61.8% Fib target at 1.1050 if price manages to break resistance (red). The wave 4 (pink) remains valid as long as price stays above the 50% Fibonacci level.

USD/JPY

4 hour

04-05-2017uj4.png


The USD/JPY remains in an uptrend channel (blue/red) and is moving up towards the Fibonacci targets of wave 5 (brown). The channel could break bearishly once the 5th wave (brown) is completed.

1 hour

04-05-2017uj1.png


The USD/JPY is probably still in a 5th wave (orange) of a 5th wave (brown) as long as price stays above the support zone (green/blue).

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Admiral Markets Group

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EUR/USD Reaches 1.1025 after Macron Wins French Presidency

EUR/USD

4 hour

08-05-2017eu4.png


The French Presidential election took place on Sunday 7 May 2017 and saw centrist independent Macron beat far right candidate Le Pen with 66% vs 34%. The result is unique considering that Macron campaigned without a traditional party and with no experience of governing.

The EUR/USD initially saw a bullish reaction to the news but after hitting 1.1025 the EUR/USD turned around and showed a bearish candlestick. Price however is still moving higher in an uptrend channel (blue/red) and a break is needed before a reversal becomes likely.

1 hour

08-05-2017eu1.png


The EUR/USD could have completed the 5th waves (grey/pink) and is potentially building a reversal wave 1-2 (brown). A break above the top and 100% Fib level at 1.1023 would indicate a potential uptrend continuation towards the Fibonacci targets of wave 5 (pink).

GBP/USD

4 hour

08-05-2017gu4.png


The GBP/USD has been unable to break above the resistance (red) of the uptrend channel (red/green). A bullish break could see price move towards the Fibonacci targets of wave 5 (purple) whereas a bearish break could start a reversal.

1 hour

08-05-2017gu1.png


The GBP/USD seems is building a bearish retracement within a potential wave 4 (grey), which would become invalidated if price manages to break below the 61.8% Fibonacci level of wave 4 (grey).

USD/JPY

4 hour

08-05-2017uj4.png


The USD/JPY uptrend could be facing problems if price is building a double top. A break above the top could see the uptrend continue but a break below support (blue) could start a larger bearish correction towards the Fib levels.

1 hour

08-05-2017uj1.png


The USD/JPY seems to have completed the 5th wave (orange) of a 5th wave (brown) and price could be building an ABC (brown) correction. A break below support (blue) could start a larger bearish correction towards the Fib levels.

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Admiral Markets Group

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EUR/USD Breaks RW and Builds First Bearish Wave

EUR/USD

4 hour

10-05-2017eu4.png


The EUR/USD broke the support trend line (dotted blue) of the rising wedge (RW) reversal chart pattern (red/blue). The bearish breakout could be part of a larger reversal, which is reflected in the 1-2 wave count (brown). The alternative scenario would be a bearish retracement within a larger uptrend continuation, which at the moment would require a break above the top.

1 hour

10-05-2017eu1.png


The EUR/USD wave 4 (blue) respected the shallow Fibonacci level of 23.6% before breaking support (dotted blue) and price has reached the 61.8% Fibonacci target of wave 5 (blue). Price could either retrace as part of wave 2 on 4 hour chart or break the bottom and continue with 5 (blue).

GBP/USD

4 hour

10-05-2017gu4.png


The GBP/USD is moving higher in an uptrend channel which is indicated by the support (green) and resistance (red) trend lines. A bullish break could see price move towards the Fibonacci targets of wave 5 (purple) whereas a bearish break could start a reversal.

1 hour

10-05-2017gu1.png


The GBP/USD tested the previous top (green) of wave 1 (grey) but did not break and therefore the wave 4 (grey) could still be valid. A break above resistance (orange) could see a bullish break for wave 5 (grey).

USD/JPY

4 hour

10-05-2017uj4.png


The USD/JPY is building an uptrend channel which is indicated by the support (blue) and resistance (red) trend lines and moving towards the Fib targets of wave 5 (brown).

1 hour

10-05-2017uj1.png


The USD/JPY is extending the bullish 5th wave (brown/orange) with another 5 waves (grey). The wave 4 (grey) is invalidated if price breaks below the 61.8% Fibonacci level.

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Admiral Markets Group

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USD/JPY Bullish Trend Channel to Challenge 115 Resistance

USD/JPY

4 hour

11-05-2017uj4.png


The USD/JPY continues higher in an uptrend channel which is indicated by the support (blue) and resistance (red) trend lines. Price is moving towards the Fib targets of wave 5 (brown). The next bullish target would be 115, which is a major round resistance level.

1 hour

11-05-2017uj1.png


The USD/JPY bounced at the 38.2% Fibonacci support level of wave 4 (grey). A break above resistance (red) could see price challenge the Fibonacci targets of waves 5.

EUR/USD

4 hour

11-05-2017eu4.png


The EUR/USD break of the support trend line (dotted blue) could indicate the start of a bearish 1-2 wave count (brown). Once wave 1 is completed, the EUR/USD could setup a bullish retracement that challenges the Fibonacci resistance levels of wave 2.

1 hour

11-05-2017eu1.png


The EUR/USD is building a bearish channel (green/red) as part of the wave 5 (blue) of wave 1 (brown).

GBP/USD

4 hour

11-05-2017gu4.png


The GBP/USD is trending higher in a bullish channel which is indicated by the support (green) and resistance (red) trend lines. A bullish break could see price move towards the Fibonacci targets of wave 5 (purple) whereas a bearish break could start a reversal.

1 hour

11-05-2017gu1.png


The GBP/USD needs to break above the resistance levels (red/orange) before a continuation is likely. A break below support (green) could start a bearish reversal.

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Admiral Markets Group

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EUR/USD Setups Downtrend Channel within Bearish Wave 1-2

EUR/USD

4 hour

12-05-2017eu4.png


The EUR/USD is in a mini bearish trend channel which is marked by trend lines (red/green). Once wave 1 is completed, the EUR/USD could start a bullish retracement that challenges the Fibonacci resistance levels of wave 2.

1 hour

12-05-2017eu1.png


The EUR/USD break above or below the bearish channel (green/red) will indicate whether price will continue as part of the wave 5 (blue) of wave 1 (brown) or whether price will potentially retrace within wave 2 (brown).

USD/JPY

4 hour

12-05-2017uj4.png


The USD/JPY is approaching the support trend line (blue) of the uptrend channel (blue/resistance). A bearish break could start a larger bearish correction where as a bullish bounce could extend the 5th wave (brown).

1 hour

12-05-2017uj1.png


The USD/JPY wave count will depend on whether price bounces at or breaks through the support trend line (blue). A bounce could indicate that a wave 4 (grey) is still uncompleted. A break means that wave 4 and 5 (grey) are finished.

GBP/USD

4 hour

12-05-2017gu4.png


The GBP/USD is challenging the support (green) line of the bullish channel (red/green). A bearish break could see a larger retracement or reversal whereas a bullish bounce could see price challenge resistance again.

1 hour

12-05-2017gu1.png


The GBP/USD needs to break above the resistance levels (red/orange) before a continuation is likely. A break below support (blue) could start a bearish reversal and continuation of 5 waves (blue).

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Admiral Markets Group

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US Dollar Completes Wave 1 and Starts Wave 2 Retracement

EUR/USD

4 hour

15-05-2017eu4.png


The EUR/USD indeed completed wave 1 (brown) as expected last week after breaking above the resistance trend line (dotted orange). Price could now be challenging the potential Fibonacci resistance of wave 2 (brown).

1 hour

15-05-2017eu1.png


The EUR/USD could be building an ABC (blue) zigzag within wave 2 (brown) after it broke above the resistance trend lines (dotted orange).

USD/JPY

4 hour

15-05-2017uj4.png


The USD/JPY broke below the support trend line (dotted blue) of the uptrend channel (blue/resistance), which could indicate the completion of the wave 5 (brown). The bearish break could indicate the start of a larger bearish ABC correction (brown).

1 hour

15-05-2017uj1.png


The USD/JPY is building a bearish trend channel (orange/blue lines) after completing 5 bearish waves (brown). Price could now be retracing with a potential wave B (brown).

GBP/USD

4 hour

15-05-2017gu4.png


The GBP/USD broke below the support line (dotted green), which could indicate a larger retracement or reversal such as a wave 1 (green).

1 hour

15-05-2017gu1.png


The GBP/USD broke above the resistance level (dotted orange) after completing 5 bearish waves (blue). Price could now be building an ABC (blue) zigzag within wave 2 (green).

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Admiral Markets Group

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EUR/USD Bullish Momentum versus 78.6% of Wave-2

EUR/USD

4 hour

16-05-2017eu4.png


The EUR/USD is challenging the 78.6% Fibonacci level of wave 2 (brown) and the round resistance level of 1.10. A bearish reversal could complete wave 2 (brown) and start a wave 3 whereas as bullish break above the 100% level would invalidate wave 2.

1 hour

16-05-2017eu1.png

The EUR/USD could be building an ABC (blue) zigzag within wave 2 (brown) if price stays below the 100% level.

USD/JPY

4 hour

16-05-2017uj4.png


The USD/JPY is struggling to break above the resistance Fibonacci levels of wave B (brown) because the bearish break below support (dotted blue) could indicate the start of a larger bearish ABC correction (brown).

1 hour

16-05-2017uj1.png


The USD/JPY will need to break below the support trend line (green) before a wave C (brown) continuation becomes more likely. A break above resistance (orange) could see price challenge the 78.6% Fib.

GBP/USD

4 hour

16-05-2017gu4.png


The GBP/USD stopped at the 61.8% Fibonacci level of wave 2 (green). A break below the support trend lines (green) could start a larger bearish correction whereas a break above resistance (orange) could see price testing the 78.6% Fib.

1 hour

16-05-2017gu1.png


The GBP/USD break above the 100% Fib invalidates the wave 2 (green) structure.

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EUR/USD Breaks Above 1.10, USD/JPY Confirms Bearish ABC

EUR/USD

4 hour

17-05-2017eu4.png


The EUR/USD broke yesterday’s Fibonacci resistance levels and resistance trend lines (dotted red) which was an invalidation level for the bears and a confirmation level for the bulls. The wave count is now reflecting the bullish structure with an ABC (blue). Price is already attempting to break a bigger Fib (78.6%), which could indicate a continuation potential to the 88.6% at 1.1190.

1 hour

17-05-2017eu1.png


The EUR/USD broke above the resistance trend lines (dotted orange) and extended the bullish momentum. The strength of the impulse is indicating that the current push up is most likely a wave 3 (purple) which might be even completed yet. Price could move towards the Fibonacci targets first of wave 5 (pink) but eventually a wave 4 and 5 (purple) seem likely.

USD/JPY

4 hour

17-05-2017uj4.png


The USD/JPY indeed is completing an ABC (brown) zigzag correction as expected at the beginning of this week. Price is moving towards the Fibonacci targets of wave C (brown).

1 hour

17-05-2017uj1.png


The USD/JPY is building a wave 3 (orange), which could potentially still see further bearish extensions towards the Fibonacci targets of wave 3 (orange). A wave 4 (orange) correction is expected when the wave 3 is completed.

GBP/USD

4 hour

17-05-2017gu4.png


The GBP/USD stopped at the 78.6% Fibonacci level of wave 2 (green). A break below the support trend line (green) could start a larger bearish correction whereas a break above resistance (orange) could see price make a bullish break. The bullish break however would probably create double divergence.

1 hour

17-05-2017gu1.png


The GBP/USD break above the 100% Fib invalidates the wave 2 (green) structure and confirms a bullish continuation potential for one more push higher.

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EUR/USD Bullish Momentum Explained by 3rd Wave

EUR/USD

1 hour

18-05-2017eu1.png


The EUR/USD bullish momentum continued strongly yesterday breaking above 1.11 and heading towards the next round level of 1.12. The bullish push can be explained by the wave 3 pattern (purple) which is known for its strong momentum. The bullish momentum could now however reach a moment where it will be retracing for a corrective wave 4 (purple). The Fibonacci levels of wave 4 could act as support.

4 hour

18-05-2017eu4.png


On one time frame higher the EUR/USD could be building an ABC (blue) zigzag which could face resistance at the 88.6% Fibonacci level.

USD/JPY

4 hour

18-05-2017uj4.png


The USD/JPY continued with the ABC (brown) zigzag correction yesterday, which has reached the 61.8% Fibonacci level (of the 5 waves (brown)). This could cause a retracement.

1 hour

18-05-2017uj1.png


The USD/JPY bearish third wave 3 (orange) seems to have reached a support level which could cause a wave 4 (orange) correction. The Fibonacci levels of wave 4 (orange) are therefore potential resistance levels.

GBP/USD

4 hour

18-05-2017gu4.png


The GBP/USD remains in an uptrend channel (red/green) and price is challenging the top (red). Price poked through the previous top and hence a bullish wave 5 (orange) seems more likely at this moment.

1 hour

18-05-2017gu1.png


The GBP/USD break above resistance (red) could see a wave 3 (purple) develop whereas a break below support (blue) could see price continue within the correction.

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Admiral Markets Group

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EUR/USD Loses Steam with Conclusion Wave-3 and Start Wave-4

EUR/USD

1 hour

19-05-2017eu1.png

The EUR/USD bullish momentum of wave 3 (purple) ran out of steam yesterday and started a wave 4 (purple) correction. Price has in the meantime retraced back to the Fibonacci levels of wave 4 which could as potential support and bounce levels.

4 hour

19-05-2017eu4.png


The EUR/USD could be retracing towards the 88.6% Fibonacci level of wave 2 (green) via an ABC zigzag (blue).

USD/JPY

4 hour

19-05-2017uj4.png


The USD/JPY indeed bounced at the golden ratio Fib of 61.8% level. Whether the wave C (brown) is still open or has been completed remains to be seen. Lower Fibonacci levels however also remain potential support spots.

1 hour

19-05-2017uj1.png


The USD/JPY completed the wave 3 (orange) and has made a significant retracement back to the 38.2% Fib of wave 4 (orange) which could act as resistance. A break above the 61.8% Fib makes a wave 4 unlikely.

GBP/USD

4 hour

19-05-2017gu4.png


The GBP/USD made one more push higher to test the top (red) of the bullish channel (green/red), which in turn created a strong bearish reaction. Whether price will build a wave 1-2 (grey) depends on whether price is able to break below the channel. A break above the 100% level indicates the invalidation of wave 2 and the potential for an uptrend continuation.

1 hour

19-05-2017gu1.png


The GBP/USD broke above the resistance (dotted orange), made one more push up as part of wave 5 (purple), and then reversed an broke below support (dotted blue).

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USD/JPY Triangle Pattern Visible at 110 and 61.8% Golden Ratio

USD/JPY

4 hour

22-05-2017uj4.png


The USD/JPY bounced at the golden ratio Fib of 61.8% level and it seems likely that the wave C (brown) has been completed once price breaks above the smaller resistance trend line (orange). A break above or below the small contracting triangle chart pattern (green/orange) could play a key role in a push towards the 78.6% Fib or next resistance (red).

1 hour

22-05-2017uj1.png


The USD/JPY could however first build a wave 4 (orange) correction and a wave 5 (orange) continuation before completing wave C (brown).

EUR/USD

4 hour

22-05-2017eu4.png


The EUR/USD indeed started and completed a wave 4 (purple) correction as expected last week. Price is now developing a bullish continuation within wave 5 (purple), which could complete a wave C (blue). A break above 1.13 invalidates the wave 2 (green) correction.

1 hour

22-05-2017eu1.png


The EUR/USD bounced at the Fibonacci levels of wave 4 (purple) and then broke above the resistance trend line (dotted red). A new 5 wave (pink) formation is most likely occurring within wave 5 (purple). The current pause could be a wave 4 (pink) as long as price stays above 61.8% Fib of wave 4.

GBP/USD

4 hour

22-05-2017gu4.png


The GBP/USD could be building a wave 1-2 (grey) but this depends on whether price is able to break below the channel. A break above the 100% level indicates the invalidation of wave 2 and the potential for an uptrend continuation.

1 hour

22-05-2017gu1.png


The GBP/USD break above the resistance (red) invalidates wave 2 (grey) whereas a break below the support (blue) could indicate a bearish breakout.

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Admiral Markets Group

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EUR/USD Builds Bull Flag Pattern or Bearish Channel

EUR/USD

4 hour

29-05-2017eu4.png


The EUR/USD failed to break above the 1.1250 resistance zone so far which is a major decision zone for either a bullish breakout or a bearish reversal. The critical level is the 100% Fibonacci at 1.1268: a break above this resistance top invalidates wave 2 (blue) whereas a break above 1.13 invalidates another bearish wave 2 (green). A bearish reversal, however, could see price break below support (blue).

1 hour

29-05-2017eu1.png


The EUR/USD seems to have completed a wave 2 (blue) but a break below the support trend line (blue) is needed before a wave 3 (blue) could unfold. A break above the resistance line (red) invalidates the current bearish wave structure. At the moment the EUR/USD is either building a bull flag continuation chart pattern or the start of a bearish reversal, which will depend on the direction of the breakout.

GBP/USD

4 hour

29-05-2017gu4.png


The GBP/USD broke below the support trend line (dotted green) and reached the 161.8% Fibonacci target of wave 3 (blue). Price could still fall towards lower Fib targets if price can extend its decline.

1 hour

29-05-2017gu1.png


The GBP/USD could be building a 5 wave (orange) expansion within wave 3 (blue). The wave 4 (orange) retracement Fibonacci levels could act as resistance but a break above the 61.8% makes 4th wave unlikely.

USD/JPY

4 hour

29-05-2017uj4.png


The USD/JPY is in a triangle formation with support (blue) and resistance (orange) nearby. A bearish break could see price fall towards the Fibonacci retracement levels of wave B (blue).

1 hour

29-05-2017uj1.png


The USD/JPY could be in wave 4 (purple) unless price breaks above the bottom of wave 1 (orange line).

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Admiral Markets Group

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EUR/USD Bearish Breakout Starts Wave 3 Momentum

EUR/USD

4 hour

30-05-2017eu4.png


The EUR/USD has broken below the support trend line (dotted blue) which could kick start momentum within wave 3 (blue) towards the Fibonacci targets. A break above the resistance (red/orange) invalidates the wave 3 formation.

1 hour

30-05-2017eu1.png


The EUR/USD seems to be building a 5 wave extension (purple) within the 3rd wave (blue).

GBP/USD

4 hour

30-05-2017gu4.png


The GBP/USD is building a small correction but a break below support (green) could see wave 3 (blue) continue.

1 hour

30-05-2017gu1.png


The GBP/USD stopped and reversed at the 38.2% Fibonacci level of wave 4 (orange) as expected in yesterday’s analysis. A break above the trend line (orange) could see price challenge higher Fibs but a break above the 61.8% Fib makes a wave 4 unlikely.

USD/JPY

4 hour

30-05-2017uj4.png


The USD/JPY is in a descending wedge pattern with support (green) and resistance (orange) nearby. A bearish break could see price fall towards the Fibonacci retracement levels of wave B (blue).

1 hour

30-05-2017uj1.png


The USD/JPY broke below support (dotted blue) and completed a wave 4 (blue). Price remains in a 5th wave as long as it remains below resistance (orange).

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Admiral Markets Group

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GBP/USD Wave-4 Pullback to 61.8% Fib Ahead of UK Elections

GBP/USD

4 hour

31-05-2017gu4.png


The British Pound weakened last week ahead of the UK elections which will take place on Thursday 8 June 2017. Some opinion polls are showing a shrinking lead for the current Prime Minister Theresa May of the Conservative party and a rebound for the Labour opposition party but a full week of campaigning still remains in front of the UK.

The GBP/USD channel (green lines) is a bear flag chart pattern and a potential bearish break could see price continue with wave 3 (blue). A bullish break above the channel, however, could change the wave structure.

1 hour

31-05-2017gu1.png


The GBP/USD completed an ABC (grey) correction at the 50-61.8% Fibonacci zone of wave 4 (orange).

EUR/USD

4 hour

31-05-2017eu4.png


The EUR/USD made a deep retracement back to the resistance trend line (red), which is a key bounce or break spot. A bearish bounce could confirm the current wave structure whereas a bullish break invalidates it.

1 hour

31-05-2017eu1.png


The EUR/USD stopped at the 78.6% Fibonacci resistance level and has reached a major bounce or break spot.

USD/JPY

4 hour

31-05-2017uj4.png


The USD/JPY could have completed a truncated 5th wave (orange), which means that wave 5 does not break the bottom (or top) of wave 3 (orange).

1 hour

31-05-2017uj1.png


The USD/JPY seems to have completed 5 internal waves twice (grey/purple) within wave 5 (orange). A bullish break above resistance (orange) could confirm the current wave structure whereas a break below support (green) invalidates it.

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Admiral Markets Group

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Mar 23, 2016
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EUR/USD Builds Higher High which Challenges 1.13 Resistance

EUR/USD

4 hour

05-06-2017eu4.png


The EUR/USD bounced at the support levels (green/blue) and showed one more bullish rally. 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

05-06-2017eu1.png


The EUR/USD is in a bullish trend channel (red/blue lines). The breakout direction above or below the channel could indicate the next trend direction.

GBP/USD

4 hour

05-06-2017gu4.png


The UK will hold general parliamentary elections on Thursday 8 June 2017. Find out everything you need to know to trade through the UK general election 2017.

The GBP/USD is building a corrective pattern which is indicated by the trend lines. A break above it invalidates the wave 3 (blue) whereas a break below support (green) could confirm it.

1 hour

05-06-2017gu1.png


The GBP/USD is building a smaller triangle (yellow/green) within a larger triangle (red/dark green).

USD/JPY

4 hour

05-06-2017uj4.png

The USD/JPY failed to break above the next resistance trend line (red) and turned strongly bearish during the NFP (Non-Farm Payroll) news event. The new lower low indicates that the wave 5 (orange) is still open.

1 hour

05-06-2017uj1.png


The USD/JPY needs to break below support (green) to complete wave 5 (orange). A break above the 61.8% Fibonacci level of wave 4 (purple) makes the wave 4 unlikely. In that case the wave 5 could have been completed at the recent low.

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