Admiral Markets - Analytics

    Admiral Markets

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    Forex market pauses ahead of Brexit or Bremain vote

    EUR/USD

    4 hour

    The EUR/USD used the resistance trend line (red) to retrace back to the 61.8% Fibonacci level of wave X (blue) and the 1.1250 quarter level. Price could stay in between the support and resistance levels until the results of the British vote on Thursday June 23rd slowly become known.

    1 hour

    The EUR/USD broke below the support trend line (dotted green) for an expansion of wave X (blue). Any breakout could be contained by the support and resistance Fibonacci levels.

    GBP/USD

    4 hour

    The GBP/USD is struggling to break the resistance trend line (red) with the British vote on Thursday June 23rd around the corner. The wave count is highly vulnerable to change depending on the referendum result and market reaction to the event.

    1 hour

    The GBP/USD is in a wave 4 correction (green), which could expand to lower Fibonacci levels if price breaks support (green). A higher high could complete wave A (pink).

    USD/JPY

    4 hour

    The USD/JPY bounced at the previous bottom building a double bottom. The wave count is highly vulnerable to change depending on the referendum result and market reaction to the event.

    1 hour

    The USD/JPY respected the 50% Fibonacci level and is moving sideways.

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