Admiral Markets - Analytics

    Admiral Markets

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    EUR/USD breaks resistance, USD/JPY pauses at Fibs

    EUR/USD

    4 hour

    The EUR/USD completed the wave X (blue) and broke above resistance levels (dotted red) yesterday. It is now at the 61.8% Fibonacci target, which is a break or bounce spot. A bullish continuation could price head towards the next Fibonacci target and daily resistance (red).

    1 hour

    The EUR/USD seems to be in a wave 4 (orange) now after completing the first 3 legs earlier this week. Price cannot retrace deeper than the 50% Fibonacci without invalidating the current wave count.

    GBP/USD

    4 hour

    The GBP/USD is currently in a contracting triangle (orange/green). The Cable respected the 50% Fibonacci level of wave X (blue), but if price makes a bearish turn then the 61.8% and 78.6% retracements still represent support levels. This wave count is invalidated when price breaks below the support trend line (green).

    1 hour

    The GBP/USD break above the resistance trend line (orange) would change the current bearish wave count to a bullish one. A break above resistance confirms the completion of wave X (blue) at the most recent bottom. A bearish bounce could see price fall towards the Fibonacci targets and trend lines (greens), which represent support levels.

    USD/JPY

    4 hour

    The USD/JPY has broken the long-term daily and weekly horizontal support levels (dotted blue). Price has reached Fibonacci levels which have caused price to stall. A break below the Fib levels could see price fall further lower. A bounce at the Fibonacci levels could indicate a potential completion of wave B.

    1 hour

    The USD/JPY is building a contracting triangle (trend lines) in between the broken support and Fibonacci target.


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