Admiral Markets - Analytics

    Admiral Markets

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    Real

    Instrumental chart patterns appear on EUR/USD and GBP/USD

    EUR/USD

    4 hour

    The EUR/USD has stopped at the 38.2% Fibonacci level of wave X (blue). Price could use this zone for a bullish bounce or a bearish break towards lower Fibonacci retracement levels.

    1 hour

    The EUR/USD is in pro-longed corrective channel as indicated by the purple trend lines. A break below it could price move towards the 50%/61.8% Fibonacci level whereas a break above the channel could indicate a start of wave 3 or C (orange).

    GBP/USD

    4 hour

    The GBP/USD has made a pullback towards the 38.2% Fibonacci level of wave 4 (green).

    1 hour

    The GBP/USD is building a contracting triangle (green/red) chart pattern. A break below support (green) could a bearish breakout. A break above the 50% Fibonacci level and resistance trend line (red) could alter the wave structure.

    USD/JPY

    4 hour

    The USD/JPY remains in a sideways consolidation zone (orange/green). Price is building a shallow bullish channel and is approaching resistance levels. A break above the 100% Fibonacci level invalidates the wave B (blue).

    1 hour

    The USD/JPY keeps pushing higher within its bullish channel. Price will either invalidate the wave B (blue) or eventually make a bearish turn at resistance.


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