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Technical Analysis
Elliot Wave Analysis by Admiral Markets
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[QUOTE="Admiral Markets Group, post: 128377, member: 37217"] USD/JPY Triangle Pattern Visible at 110 and 61.8% Golden Ratio USD/JPY 4 hour [IMG]https://s30.postimg.org/imd21gso1/22-05-2017uj4.png[/IMG] 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 [IMG]https://s11.postimg.org/ri66xan8j/22-05-2017uj1.png[/IMG] 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 [IMG]https://s22.postimg.org/qzjc82iq9/22-05-2017eu4.png[/IMG] 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 [IMG]https://s8.postimg.org/c9f40asw5/22-05-2017eu1.png[/IMG] 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 [IMG]https://s10.postimg.org/wbkw52vex/22-05-2017gu4.png[/IMG] 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 [IMG]https://s24.postimg.org/bu9zt4p7p/22-05-2017gu1.png[/IMG] The GBP/USD break above the resistance (red) invalidates wave 2 (grey) whereas a break below the support (blue) could indicate a bearish breakout. 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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