Admiral Markets - Analytics

    Admiral Markets

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    GBP/USD expands wave 4 towards 38.2% Fibonacci level

    EUR/USD

    4 hour

    The EUR/USD indeed bounced at the support trend line (green) and Fibonacci level. Price is now approaching the resistance level (orange) and top of the contracting triangle chart pattern. A break above resistance could see price move to higher Fibonacci targets.

    1 hour

    The EUR/USD broke above the inner resistance trend line (orange dotted). The bullish movement seems to be unfolding within an impulsive 5 wave (orange), which could be part of a larger ABC (green).

    GBP/USD

    4 hour

    The GBP/USD is building a shallow angled bullish channel, which is indicated by the orange trend lines. Price bounced at the 78.6% Fibonacci level (X vs W) and is thereby expanding the retracement within wave 4 (purple).

    1 hour

    The GBP/USD could part of an ABC correction (pink) which expands wave 4 (purple).

    USD/JPY

    4 hour

    The USD/JPY lost its momentum as multiple candles were not able to post a new high. The wave count is vulnerable to change if price breaks above resistance (red) or if it shows a bullish correction pattern in the near future.

    1 hour

    The USD/JPY is building a bearish correction (orange ABC) but will need to break below support (green) before more downside could be expected.


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    • avatar-1609
      • #

      Just look at the EURUSD chart! It's crazy, I haven't seen such volatility for several years.


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