Admiral Markets - Analytics

    Admiral Markets

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    Daily Wave Analysis for 3 February 2015


    4 hour EURUSD: the EURUSD is building a sizeable consolidation as part of wave 4 (purple) with an invalidation level at the bottom of wave 1 (purple).

    60 min EURUSD: price action has slowed down considerably on the lower time frames and a contracting triangle (trend lines) is being built.

    GBPUSD

    4 hour GBPUSD: the 61.8% target of wave 5 is near a bigger monthly bottom (green horizontal) and could act as a strong support.

    60 min GBPUSD: the Cable could have completed its smaller 4th retracement wave (purple) and is therefore perhaps falling for a wave 5 (purple).

    USDJPY

    4 hour USDJPY: the USDJPY is in large triangle formation, which is best indicated by the trend lines (red and green).

    60 min USDJPY: the most likely wave count suggests that price is in a bearish correction of wave Y (red).


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