Admiral Markets - Analytics

    Admiral Markets

    553.00 6.50/10
    83% of positive reviews
    Real

    Major Forex Pairs Advance with ABC Zigzag Formations

    EUR/USD

    4 hour

    The EUR/USD managed to break above the inner trend line (orange dotted) and could use the same broken line as a support for a bounce to the top of the wedge (trend lines on top and bottom).

    1 hour

    The EUR/USD showed strong momentum when breaking the resistance trend line (dotted orange), which could indicate the likelihood of a wave A (blue).

    GBP/USD

    4 hour

    The GBP/USD showed strong bullish momentum once it broke above the resistance (dotted magenta). Due its strength the wave could be a potential wave 3 (orange), which means that the current consolidation could be a wave 4 (orange).

    1 hour

    The invalidation point is if price moves below the 61.8% Fibonacci before breaking the top.

    USD/JPY

    4 hour

    The USD/JPY showed a bullish ABC zigzag (lavender) but stopped at the resistance trend line (orange). A break of the top of the waves 5 is needed in the next 2 weeks otherwise it is more likely that a bigger wave X (green) is taking place.

    1 hour

    The USD/JPY alternative is a 12345 (blue) which could in turn be part of the ABC (lavender). The invalidation level is if price breaks below the support line (blue).


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