Admiral Markets - Analytics

    Admiral Markets

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    Break of Channels Spark ABC Formations in Forex

    EUR/USD

    4 hour

    The EUR/USD made a bullish recovery rally at the major support level (green).

    1 hour

    The EUR/USD broke the resistance line (orange) and made a rally which could be explained by a wave 1 or a wave A (both scenarios are plotted on the chart). A wave C would typically go to the 100% Fibonacci target whereas a wave 3 extends to the 161.8% and higher.

    GBP/USD

    4 hour

    The GBP/USD is slowly correcting in what is probably a wave X (green) after which a rally for wave Ys is expected. The wave X retracement could use any of the Fibs but for now is respecting the 38.2%.

    1 hour

    The GBP/USD is building a wedge with clear support and resistance lines.

    USD/JPY

    4 hour

    The USD/JPY has completed wave A (brown) and is probably making a bearish correction for wave B.

    1 hour

    The USD/JPY broke below the channel and is showing signs of bearish momentum (bigger downside candles) which could be part of a ABC zigzag within wave B (brown).


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