Admiral Markets - Analytics

    Admiral Markets

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    ABC zigzag patterns connect waves in FX market

    EUR/USD

    4 hour

    The EUR/USD respected the resistance trend line (orange) and is forming a minor rising wedge chart pattern (orange/green). Price still has some space left before it hits major horizontal resistance (red).

    1 hour

    The EUR/USD seems to be building an ABC bullish zigzag (orange). A break below the bottom (100%) level invalidates the current wave outlook.

    GBP/USD

    4 hour

    The GBP/USD is back into contracting triangle chart pattern. Price is in a bullish retracement territory as long as the Cable manages to stay above the support trend lines (green). This is probably part of larger wave 4 (purple), which indicates a pause within the downtrend.

    1 hour

    The GBP/USD choppiness continues as price retested the support trend line (green). A break above the resistance trend line (orange) would signal that a bullish continuation of wave Y (blue) is likely. A bearish breakout would invalidate the ABC (green) wave count.

    USD/JPY

    4 hour

    The USD/JPY continued to move lower yesterday and eventually reached the 127.2% Fibonacci target at 111 before a correction became visible. Price remains in a downtrend as long as price remains below resistance (orange).

    1 hour

    The USD/JPY has retraced back to the 50% Fibonacci retracement level. A break below support (green) could see price continue with a bearish ABC (green).


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