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Technical Analysis
Elliot Wave Analysis by Admiral Markets
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[QUOTE="Admiral Markets Group, post: 134768, member: 37217"] GBP/USD Challenges Resistance of Downtrend Channel after 1.2775 Bounce GBP/USD 4 hour [URL='https://f.bpcdn.co/original/3X/0/5/0529aed91d33eeb7e819a55c2ecf99eac943a570.png'][IMG]https://f.bpcdn.co/optimized/3X/0/5/0529aed91d33eeb7e819a55c2ecf99eac943a570_1_690x326.png[/IMG] 25-08-2017gu4.png1668x790 230 KB[/URL] 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 [URL='https://f.bpcdn.co/original/3X/e/4/e4852abf9d4570356d6d5822b4c5b305d97ee062.png'][IMG]https://f.bpcdn.co/optimized/3X/e/4/e4852abf9d4570356d6d5822b4c5b305d97ee062_1_690x326.png[/IMG] 25-08-2017gu1.png1668x790 217 KB[/URL] 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 [URL='https://f.bpcdn.co/original/3X/b/9/b98dc4c3618e88100de6c70e2622f64b42ef825a.png'][IMG]https://f.bpcdn.co/optimized/3X/b/9/b98dc4c3618e88100de6c70e2622f64b42ef825a_1_690x311.png[/IMG] 25-08-2017eu4.png1668x752 212 KB[/URL] 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 [URL='https://f.bpcdn.co/original/3X/1/3/13d037e2b1dc25f96c4c8f877e7b0494e639e94e.png'][IMG]https://f.bpcdn.co/optimized/3X/1/3/13d037e2b1dc25f96c4c8f877e7b0494e639e94e_1_690x326.png[/IMG] 25-08-2017eu1.png1668x790 234 KB[/URL] 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 [URL='https://f.bpcdn.co/original/3X/5/1/516faf2497f2336f9542af463ce13f04b66c0749.png'][IMG]https://f.bpcdn.co/optimized/3X/5/1/516faf2497f2336f9542af463ce13f04b66c0749_1_690x326.png[/IMG] 25-08-2017uj4.png1668x789 242 KB[/URL] 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 [URL='https://f.bpcdn.co/original/3X/1/e/1e9027f54787488e647e43b0230443ca4bac4717.png'][IMG]https://f.bpcdn.co/optimized/3X/1/e/1e9027f54787488e647e43b0230443ca4bac4717_1_690x326.png[/IMG] 25-08-2017uj1.png1668x790 238 KB[/URL] The USD/JPY is building a channel (red/blue lines) at the support zone (green). 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 Forex and education tips. [I]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.[/I] [/QUOTE]
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