Admiral Markets - Analytics

    Admiral Markets

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    Daily Wave Analysis for 31 December 2014

    EURUSD

    Price bounced at the 138.2 Fibonacci level yesterday but remains in the downtrend channel indicated by the 2 trend lines (orange).

    4 hour EURUSD:

    The consolidation could last for a while as the market closes for New Years Eve.

    60 min EURUSD:

    GBPUSD

    Price indeed did manage to break the bottom and Fibonacci support levels and made a bullish retracement yesterday.

    4 hour GBPUSD:

    Price is building a contracting triangle (purple lines). A bullish break would seek the Fibonacci targets of wave Y.

    60 min GBPUSD:

    USDJPY

    Price indeed made a bearish retracement yesterday for a wave Y (red) of wave 4 (magenta).

    4 hour USDJPY:

    Price probably made a wave a (blue) yesterday of a larger ABC zigzag that comprises a bigger wave Y (purple).

    60 min USDJPY:


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