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Technical Analysis
Elliot Wave Analysis by Admiral Markets
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[QUOTE="Admiral Markets Group, post: 126940, member: 37217"] GBP/USD Triangle Chart Pattern Emerges around 1.29 GBP/USD 4 hour [IMG]https://s10.postimg.org/52yf3qfy1/02-05-2017gu4.png[/IMG] 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 [IMG]https://s29.postimg.org/xcccy2p87/02-05-2017gu1.png[/IMG] 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 [IMG]https://s15.postimg.org/a1ezrscu3/02-05-2017eu4.png[/IMG] 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 [IMG]https://s16.postimg.org/fdu3kfy6t/02-05-2017eu1.png[/IMG] 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 [IMG]https://s23.postimg.org/fz9igbc63/02-05-2017uj4.png[/IMG] 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 [IMG]https://s10.postimg.org/js18qnmax/02-05-2017uj1.png[/IMG] 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. Follow [URL='https://twitter.com/ChrisSvorcik']@ChrisSvorcik[/URL] on twitter for latest market updates. Connect with [URL='https://www.facebook.com/profile.php?id=100009628491889']Chris Svorcik[/URL] on Facebook for latest market updates. [/QUOTE]
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