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Technical Analysis
Elliot Wave Analysis by Admiral Markets
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[QUOTE="Admiral Markets Group, post: 135848, member: 37217"] USD/JPY Bullish Momentum Faces Strong 111 Resistance Zone USD/JPY 4 hour [URL='https://f.bpcdn.co/original/3X/0/9/09d0c00fbd5381b9e3c32b43904baabc24a5b288.png'][IMG]https://f.bpcdn.co/optimized/3X/0/9/09d0c00fbd5381b9e3c32b43904baabc24a5b288_1_690x282.png[/IMG] 14-09-2017uj4.png1229x504 56.2 KB[/URL] The USD/JPY bullish momentum broke above the resistance trend line (dotted brown) but price has a strong horizontal resistance level nearby (red). Price seems to be building 5 (blue) bullish waves within wave 1 or wave A. 1 hour [URL='https://f.bpcdn.co/original/3X/9/9/99cee74e6f3a8044bd5f584d2bfbd442e709cdbc.png'][IMG]https://f.bpcdn.co/optimized/3X/9/9/99cee74e6f3a8044bd5f584d2bfbd442e709cdbc_1_690x282.png[/IMG] 14-09-2017uj1.png1230x503 56.4 KB[/URL] The USD/JPY is showing strong bullish momentum and is building 5 extended waves (purple). A break below support could indicate the start of a bearish correction. EUR/USD 4 hour [URL='https://f.bpcdn.co/original/3X/a/c/ac098005a528099b4fb88091eae2c29ab3adc8e6.png'][IMG]https://f.bpcdn.co/optimized/3X/a/c/ac098005a528099b4fb88091eae2c29ab3adc8e6_1_690x282.png[/IMG] 14-09-2017eu4.png1230x504 65.5 KB[/URL] The EUR/USD broke below the support trend line (dotted blue) and extended the bearish price action. The wave structure is most likely indicating a wave C (red) within a larger wave 4 (blue). The Fibonacci levels of wave C vs A are most likely bouncing spots for further upside. 1 hour [URL='https://f.bpcdn.co/original/3X/c/c/cc8cf11f76d0da6550ec61eeb89686d62ea02b3a.png'][IMG]https://f.bpcdn.co/optimized/3X/c/c/cc8cf11f76d0da6550ec61eeb89686d62ea02b3a_1_690x281.png[/IMG] 14-09-2017eu1.png1230x502 57.1 KB[/URL] The EUR/USD broke below the minor support (dotted blue) and price is building 5 internal waves (brown) within wave 5 (purple). Price could bounce at the previous bottom (green line) of wave A for instance. A break of resistance (red) could indicate the start of a new uptrend. GBP/USD 4 hour [URL='https://f.bpcdn.co/original/3X/9/b/9bf4da3973892931a82eb85dc6e7ad9e2c0d8466.png'][IMG]https://f.bpcdn.co/optimized/3X/9/b/9bf4da3973892931a82eb85dc6e7ad9e2c0d8466_1_690x282.png[/IMG] 14-09-2017gu4.png1229x504 50.3 KB[/URL] The GBP/USD broke below the support trend line (dotted green) and completed the 3rd wave (purple). Price could now be in a potential wave 4 (purple) retracement which could bounce at the Fibonacci levels of wave 4 vs 3. 1 hour [URL='https://f.bpcdn.co/original/3X/1/a/1a4c668f9bb119d4e486b60801441e5bd352c000.png'][IMG]https://f.bpcdn.co/optimized/3X/1/a/1a4c668f9bb119d4e486b60801441e5bd352c000_1_690x282.png[/IMG] 14-09-2017gu1.png1230x504 56.7 KB[/URL] The GBP/USD did indeed complete multiple waves 5 at around 1.33. The retracement has broken below multiple support levels (dotted green) and is now testing the Fibonacci levels. 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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