Admiral Markets - Analytics

    Admiral Markets

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    The Wave 4 Correction Provides USD Bears Space Down to 23.6% Fibonacci Level

    ​EUR/USD

    4 hour


    The EUR/USD is probably correcting upwards as part of a larger wave 4 (green) with a 23.6% Fibonacci retracement level, which is at a confluence of other resistance levels.

    1 hour


    Price is most likely making an expanded correction (WXY magenta).

    GBP/USD

    4 hour


    The support (green) and resistance (dark red) trend lines are important decision levels for the GBP/USD.

    1 hour


    A wave 4 (magenta) within a bullish zigzag (ABC blue) is still possible as long as price stays above the top of wave 1 (purple trend line).

    USD/JPY

    4 hour


    The USD/JPY has been in a choppy bearish correction for the last few weeks. This can be most likely explained by WXY (magenta) of a wave 4 (dark red), which typically retraces to the 23.6% or 38.2% Fibonacci level.

    1 hour


    An expansion of the correction could be taking place on the lower time frames as the USD/JPY completes a wave W (red).


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