Elliott Wave Analysis by Admiral Markets

[Admiral Markets]

EUR/USD Critical Zone for Long-term Break or Bounce

EUR/USD

4 hour

The EUR/USD is approaching an important break or bounce level (decision spot), which is the support trend line (green) connected to bottom at wave X (green).

1 hour

The EUR/USD could have completed an ABC correction (blue) with a 5th wave potentially completing at 1.0850. A break below the support trend line (blue) would change that perspective.

GBP/USD

4 hour

The GBP/USD seems to be building on a bullish rebound since hitting the support trend line (green) and breaking the resistance (red).

1 hour

The GBP/USD could retrace deeper within the 2nd wave (orange) but a break below the 100% level would invalidate the wave count.

USD/JPY

4 hour

The USD/JPY built a strong bullish momentum which could be the wave A (lavender) of a bigger ABC within wave X (green).



“Original analysis is provided by Admiral Markets”

 

[Admiral Markets]

EUR/USD at Crucial 1.08 Price Level

EUR/USD

4 hour

The EUR/USD has approached the previous bottom (green), which is a major bounce or break spot and a potential indicator of intermediate direction of the market.

1 hour

The EUR/USD wave C (blue) has reached the typical 100% Fibonacci target and could use it for a bounce. The 2nd most likely target is the 161.8% Fibonacci level.

GBP/USD

4 hour

The GBP/USD is at the bottom of the uptrend channel (blue lines). The current correction is most likely part of a wave X (green).

1 hour

The GBP/USD seems to be building a consolidation zone between the resistance (red) and support (blue) trend lines.

USD/JPY

4 hour

The USD/JPY has kept pushing higher which due to its momentum has been labeled a wave A (lavender).




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[Admiral Markets]

Trend Channels Identify S&R Spots within Waves

EUR/USD

4 hour

The EUR/USD is glued to an important support level at 1.08(20), which is indicated by the horizontal line (green). A break could see price move lower to the next target whereas a bounce could see price make a move up to the next resistance (red).

1 hour

The EUR/USD is in a shallow angled bearish channel. The top and bottom of the channel show potential break spots.

GBP/USD

4 hour

The GBP/USD is breaking below the bullish channel (blue) but could find support at the Fibonacci levels of wave X (green) and the shallower trend lines (green).

1 hour

Despite the break the GBP/USD is still supported by a trend line (light blue) and a 38.2% Fibonacci retracement level whereas resistance is marked by orange and red.

USD/JPY

4 hour

The USD/JPY is close to hitting the 78.6% retracement Fibonacci level of the last bearish swing (wave X green), which could turn out to be a resistance level.



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[Admiral Markets]

Break of Channels Spark ABC Formations in Forex

EUR/USD

4 hour

The EUR/USD made a bullish recovery rally at the major support level (green).

1 hour

The EUR/USD broke the resistance line (orange) and made a rally which could be explained by a wave 1 or a wave A (both scenarios are plotted on the chart). A wave C would typically go to the 100% Fibonacci target whereas a wave 3 extends to the 161.8% and higher.

GBP/USD

4 hour

The GBP/USD is slowly correcting in what is probably a wave X (green) after which a rally for wave Ys is expected. The wave X retracement could use any of the Fibs but for now is respecting the 38.2%.

1 hour

The GBP/USD is building a wedge with clear support and resistance lines.

USD/JPY

4 hour

The USD/JPY has completed wave A (brown) and is probably making a bearish correction for wave B.



“Original analysis is provided by Admiral Markets”

 

[Admiral Markets]

EUR/USD and GBP/USD Prepare for Momentum Extension

EUR/USD

4 hour

The EUR/USD has bounced at the 61,8% Fibonacci retracement level which could be explained by a wave B (lavender). A potential continuation rally could face resistance at the trend line (red) or Fibonacci targets of wave C.

1 hour

The EUR/USD alternative wave count could be a developing 123 wave count. A wave C could typically stop at the 100% Fibonacci target.

GBP/USD

4 hour

The GBP/USD has shown a bullish recovery from the 38.2% Fibonacci level of wave X (green). A bullish break could see wave A (orange) start. A bearish break could see a deeper retracement of wave X (green).

1 hour

The GBP/USD showed bullish momentum yesterday which tentatively has been marked as a wave 1 (magenta). A bullish break is needed above resistance (red) to confirm the wave count. A break below the 100% of wave 2 invalidates it.

USD/JPY

4 hour

The USD/JPY could be building an ABC (lavender) formation within wave X (green).


“Original analysis is provided by Admiral Markets”

 

[Admiral Markets]

Completed ABC Structures Connect to Larger Corrections

EUR/USD

4 hour

The EUR/USD could have completed an ABC zigzag correction (blue) during yesterday's trading. The ABC could be part of a bigger WXY (lavender) correction.

1 hour

The EUR/USD stopped at the 100% Fibonacci target which confirms that an ABC development seems more likely.

GBP/USD

4 hour

The GBP/USD turned around back down at the resistance level (red). Price could still find support at the Fibonacci levels of wave X (green) and the support trend line (green).

1 hour

The GBP/USD seems to have completed an ABC zigzag (magenta) which took price back to the support trend line (blue) and the 50% Fibonacci level. This can turn out to be a small bullish bouncing spot although more bearish correction as part of wave Y (orange) could occur.

USD/JPY

4 hour

The USD/JPY could be building an ABC (lavender) formation within wave X (green).



“Original analysis is provided by Admiral Markets”

 

[Admiral Markets]

EUR/USD Bounces at Wave-X and Advances to Resistance

EUR/USD

4 hour

The EUR/USD is building a bullish corrective pattern with a WXY (lavender).

1 hour

The EUR/USD broke above the resistance trend line (purple) after a bounce at the Fibonacci support level. The confluence of resistance trend lines (orange and red) is an important bounce or break spot.

GBP/USD

4 hour

The GBP/USD remains in a wedge with support (green) and resistance (red) nearby.

1 hour

If the GBP/USD breaks below the support (blue) and the 61.8% Fibonacci retracement level then this could indicate a bigger wave X (green) correction which corrects lower. A bounce could indicate the potential for a rise towards resistance (red).

USD/JPY

4 hour

The USD/JPY could be building an ABC (brown) formation within wave X (green).



“Original analysis is provided by Admiral Markets”

 

[Admiral Markets]

US Dollar Breaks Support and Corrects Lower

EUR/USD

4 hour

The EUR/USD broke the most recent top again and has closed with yet another higher high. The break of the next resistance line (red) could indicate the potential continuation.

1 hour

The EUR/USD completed a 5 wave pattern (green) yesterday which was most likely part of a bigger bullish ABC (blue).

GBP/USD

4 hour

The GBP/USD managed to close with a bullish rally yesterday and price is now half way the wedge (red and green trend lines). A break below support could indicate the continuation of the downtrend and the break above resistance could indicate the same for the uptrend.

1 hour

The ABC (magenta) is most likely part of a bigger WXY (orange) unless price manages to break below the Fibonacci levels of wave X.

USD/JPY

4 hour

The USD/JPY bounced at the 38,2% Fibonacci level of wave B (brown), which could be part of bigger ABC (brown) formation within wave X (green).




“Original analysis is provided by Admiral Markets”

 

[Admiral Markets]

EURUSD and GBPUSD Rally at Fibonacci Support Levels

EUR/USD

4 hour

The EUR/USD has bounced at the support trend line (green) which was probably a correction (wave B) of the bullish momentum on Monday (wave A).

1 hour

The EUR/USD bounced at the 61.8% Fibonacci support level and is now approaching a 4 hour resistance trend line (red).

GBP/USD

4 hour

The GBP/USD bounced at the 50% Fibonacci support level and is continuing the bullish rally. A resistance level (red) is nearby which marks the top of the consolidation zone.

1 hour

The ABC (magenta) is most likely part of a bigger WXY (orange) unless price manages to break below the Fibonacci levels of wave X (orange and green).

USD/JPY

4 hour

The USD/JPY showed a bearish bounce at the resistance trend line (red) which could be an extension of the wave WXY (purple).



“Original analysis is provided by Admiral Markets”

 

[Admiral Markets]

EUR/USD Bearish Targets of ABC Zigzag

EUR/USD

4 hour

The EUR/USD was unable to break above resistance (red) and is correcting lower as part of a wave X (lavender) unless price manages to break below the main support level (green).

1 hour

The EUR/USD broke below the support trend line (green) as part of an impulse, which most likely is an ABC zigzag formation (blue).

GBP/USD

4 hour

The GBP/USD continued its rally yesterday and turned at the confluence of the 61.8% Fibonacci target and resistance trend line (red).

1 hour

Yesterday's ABC (dark green) probably completed the wave W (orange) and the retracement could be part of the wave X (orange).

USD/JPY

4 hour

The USD/JPY is in a bullish breakout but the strong resistance (red) level could stop price as part of a wave X (lavender). The wave count remains labeled a WXY (blue/lavender) unless price manages to break above the resistance.



“Original analysis is provided by Admiral Markets”