Admiral Markets - Analytics

    Admiral Markets

    699.50 6.50/10
    83% of positive reviews
    Real

    USD/JPY crashes through floor by breaking long-term support

    EUR/USD

    4 hour

    The EUR/USD has made a bullish bounce at the 38.2% Fibonacci level and is now resting the top (red). A break above resistance confirms the development of a wave A (green), whereas a bearish bounce could price retest the wave X (blue) Fibonacci levels. This wave count is invalidated when price breaks below the support trend line (green).

    1 hour

    The EUR/USD is marked as a wave 1 (green) but is dependent on how price reacts at resistance and support levels (bounce or break).

    GBP/USD

    4 hour

    The GBP/USD has reached the 50% Fibonacci level of wave X (blue), which could be a bullish turning spot. A break above the resistance trend line (orange) is needed before the completion of wave X can be confirmed because otherwise price might fall towards lower Fib levels. This wave count is invalidated when price breaks below the support trend line (green).

    1 hour

    The GBP/USD is probably building another ABC bearish zigzag pattern (green) unless price manages to break out of the bearish channel (dark green & orange).

    USD/JPY

    4 hour

    The USD/JPY has broken the long-term daily and weekly horizontal support levels (dotted blue). The bullish bounce for wave X (brown) retraced to a very shallow 23.6% Fibonacci level before continuing down lower and breaking support.

    1 hour

    The USD/JPY is either building an ABC (light green) zigzag or a 123 (green) within a wave A (blue), which will depend on whether price can reach the Fibonacci targets.


    To leave a comment you must or Join us

    • avatar-2648
      • #

      Interesting movement Fibonacci levels show great picture, I guess we should check fundamental factors and only after that take any decisions.


    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree