Admiral Markets - Analytics

    Admiral Markets

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    Positive NFP Fuels USD/JPY Breakout and EUR/USD Zigzag

    EUR/USD

    4 hour

    The Non-Farm Payroll (NFP) event caused the US Dollar to strengthen on Friday and price fell towards and stopped at the 61.8% Fibonacci retracement level.

    1 hour

    The EUR/USD could still be in a wave 4 (purple) as long as price does not break lower below the support levels and especially below the top of wave 1 (purple).

    GBP/USD

    4 hour

    The GBP/USD made a bearish bounce at the resistance line due to the NFP event but price has not broken the bottom of wave X (grey) which means that a bullish ABC (blue) is still a possibility.

    1 hour

    In general the support (green) and resistance (red) trend lines seem to be the most important. The GBP/USD will need to break the trend line before a wave count can be confirmed.

    USD/JPY

    4 hour

    The USD/JPY eventually bounced off of support trend lines (green and channel) for a continuation of the uptrend.

    1 hour

    Price broke above the resistance trend line (orange) and could now been in an impulsive wave 3 (green).


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