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Technical Analysis
Elliot Wave Analysis by Admiral Markets
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[QUOTE="Admiral Markets Group, post: 136538, member: 37217"] GBP/USD Falling Wedge Pattern Approaches Support within Wave-4 GBP/USD 4 hour [URL='https://f.bpcdn.co/original/3X/c/7/c718041cab347a7318c668f87f1e020168458b40.png'][IMG]https://f.bpcdn.co/optimized/3X/c/7/c718041cab347a7318c668f87f1e020168458b40_1_690x311.png[/IMG] 27-09-2017gu4.png1668x754 202 KB[/URL] The GBP/USD seems to be building a falling wedge chart pattern (green/yellow lines). Price is now testing the support of that wedge. The corrective chart pattern fits within the larger wave 4 (blue) correction. 1 hour [URL='https://f.bpcdn.co/original/3X/4/a/4a4d0e906ede08a8c6c66be41ec67609b0df85a8.png'][IMG]https://f.bpcdn.co/optimized/3X/4/a/4a4d0e906ede08a8c6c66be41ec67609b0df85a8_1_690x311.png[/IMG] 27-09-2017gu1.png1668x754 220 KB[/URL] The GBP/USD has many support layers below it and could complete an ABC (grey) correction at support. A break of resistance (orange/red) could indicate the continuation of the uptrend whereas a break below support could indicate a larger wave C (grey) correction towards the Fibonacci targets. EUR/USD 4 hour [URL='https://f.bpcdn.co/original/3X/4/1/414b91534ed6acfaf8e4a1daac84743dc7d4a608.png'][IMG]https://f.bpcdn.co/optimized/3X/4/1/414b91534ed6acfaf8e4a1daac84743dc7d4a608_1_690x311.png[/IMG] 27-09-2017eu4.png1668x754 227 KB[/URL] The EUR/USD broke the support zone (dotted green) as expected in yesterday’s analysis. The bearish momentum is indicated by the resistance trend line (yellow). Price could continue lower towards the Fibonacci targets but overall the bearish price action seems to be corrective. This could be explained by the potential wave 4 (blue). 1 hour [URL='https://f.bpcdn.co/original/3X/1/0/10c45ac73a6c31641c8c29ef3cf8b62e1af6e226.png'][IMG]https://f.bpcdn.co/optimized/3X/1/0/10c45ac73a6c31641c8c29ef3cf8b62e1af6e226_1_690x311.png[/IMG] 27-09-2017eu1.png1668x754 224 KB[/URL] The EUR/USD broke the support (dotted blue) of the bear flag chart pattern and continued lower towards the 1.1750 quarter level. The EUR/USD could extend the bearish momentum if price breaks below the support trend line (blue). USD/JPY 4 hour [URL='https://f.bpcdn.co/original/3X/4/f/4f69f769316d8c1bffd909529ba6afbb017c344c.png'][IMG]https://f.bpcdn.co/optimized/3X/4/f/4f69f769316d8c1bffd909529ba6afbb017c344c_1_690x311.png[/IMG] 27-09-2017uj4.png1668x753 215 KB[/URL] The USD/JPY has bounced at the 23.6% Fibonacci support level. Price is now testing the resistance trend line (red) of the correction and a bearish bounce could confirm the wave X (blue) correction. A deeper correction could be part of a wave 2 (light green) or a wave B (green). 1 hour [URL='https://f.bpcdn.co/original/3X/d/0/d08da3073e46059c9a22f0d26f2e6a716eab5c7e.png'][IMG]https://f.bpcdn.co/optimized/3X/d/0/d08da3073e46059c9a22f0d26f2e6a716eab5c7e_1_690x312.png[/IMG] 27-09-2017uj1.png1668x755 212 KB[/URL] The USD/JPY is probably in a wave X (blue) unless price manages to break above the resistance trend line (red) and the 138.2% Fibonacci level of wave X vs W. 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 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 an independent financial advisor to ensure you understand the risks involved.[/I] [/QUOTE]
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