Elliott Wave Analysis by Admiral Markets

[Admiral Markets]

USD/JPY Reverse and Bounce at 124.50 Resistance Top

EUR/USD

4 hour

The EUR/USD is re-testing the weekly bottom (green) which could provide support for a 2nd rally / bounce.

1 hour

The EUR/USD reached a confluence of Fibonacci target and retracement levels, which could provide support for a bullish retracement or rally. Typically a wave C does not extend past the 161.8% Fib level so a break below the wave C (blue) bottom could change the wave count.

GBP/USD

4 hour

The GBP/USD price action remains relatively choppy with the wedge trend lines narrowing in resistance (red) and support (green).

1 hour

The ABC zigzag (magenta) could complete at the Fibonacci targets and retracement levels of wave C and wave X. There is also an ascending wedge pattern (flat top, rising bottom) visible when taking the trend line support (green) and resistance (red) into account. A bullish breakout could indicate the start of the wave Y (green).

USD/JPY

4 hour

The USD/JPY failed to break above the top (red) which means that the price movement could be part of a wave X (lavender) of a bigger WXY correction within wave B (brown).




“Original analysis is provided by Admiral Markets”

 

[Admiral Markets]

Major Forex Pairs Marked by Wedge Lines

EUR/USD

4 hour

The EUR/USD completed the wave C (blue) near the previous bottom (green) and made a rally up to the resistance trend line (red). A break above it would signal the continuation of wave 4 (blue) whereas a break below support could indicate the completion of wave 4.

1 hour

The EUR/USD showed strong price action, which could be explained as a wave A (blue) of a bigger ABC.

GBP/USD

4 hour

The GBP/USD price action remains relatively choppy with the resistance (red) and support (green) wedge trend lines narrowing in.

1 hour

Price action (magenta) broke above the inner resistance trend line (dotted orange), which could be an impulsive A (magenta) followed by a wave B retracement.

USD/JPY

4 hour

The USD/JPY price action is being squeezed in between support and resistance. A bearish breakout confirms the continuation of wave Y (blue) whereas a bullish break would indicate a change of the wave count.



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[Admiral Markets]

78.6% Fibonacci Levels Offer Potential for Deep Bounces

EUR/USD

4 hour

The EUR/USD remains in a consolidation zone with a WXY (green) wave structure in wave 4 (blue).

1 hour

The EUR/USD retraced back to the 78.6% Fibonacci retracement. A break below the 100% Fibonacci level invalidates the wave count.

GBP/USD

4 hour

The GBP/USD is in an ascending wedge with nearby resistance (red) and support (green) trend lines.

1 hour

The GBP/USD retraced back to the 78.6% Fibonacci retracement. A break below the 100% Fibonacci level invalidates the wave count.USD/JPY

USD/JPY

4 hour

The USD/JPY is in an ascending wedge with nearby resistance (red) and support (green) trend lines. A bearish breakout confirms the continuation of wave Y (blue) whereas a bullish break would indicate a continuation of the ABC (lavender).



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[Admiral Markets]

EUR/USD Re-Challenges Critical 1.08 Support Zone

EUR/USD

4 hour

The EUR/USD is again challenging a key support level at 1.08 (green line).

1 hour

The EUR/USD wave count changed upon the bearish breakout below the support trend line (dotted green). The wave count will remain labeled as a wave X (brown) as long as price stays above the 100% Fib level.

GBP/USD

4 hour

The GBP/USD remains in a wave X (orange) formation as long as it stays above the support trend line (green) and 100% Fibonacci level. A break below this support zone would indicate a potential bearish breakout.

1 hour

The GBP/USD was unable to break above the resistance (orange and red) and eventually broke below the support (green) later during yesterday's trading day. The bearish break is expanding the wave X (correction).

USD/JPY

4 hour

The USD/JPY is retesting the resistance level of the ascending wedge (red & green). A bullish break above the red line would indicate a continuation of the ABC (brown).


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[Admiral Markets]

USD/JPY’s 124.50 Resistance Converts into Wave Support

EUR/USD

4 hour

The EUR/USD made a bullish bounce at the daily support trend level (green) which most likely completes wave X (brown).

1 hour

The EUR/USD made a bullish rebound yesterday (marked as wave A) and then failed to set a lower low which could be explained by a wave B (lavender). A bullish breakout above resistance (orange) could see wave C push to the Fib targets.

GBP/USD

4 hour

The GBP/USD made a similar rally as the EUR/USD yesterday and retested the resistance (orange and red). The GBP/USD remains stuck in a range with support and resistance nearby.

1 hour

The bullish momentum could be considered a wave A (magenta) which could form an ABC zigzag correction.

USD/JPY

4 hour

The USD/JPY broke the ascending wedge chart pattern when it pushed above the resistance (dotted red) trend line. The bullish break could be part of an ABC correction (brown). The alternative is a renewed start of the former uptrend (see waves 5 on the left).



“Original analysis is provided by Admiral Markets”

 

[Admiral Markets]

NFP Impact on US Dollar Direction

EUR/USD

4 hour

The EUR/USD's movement will be impacted by today's Non-Farm Employment Change.

1 hour

The EUR/USD had a range day yesterday which created the support (green) and resistance (red) trend lines.

GBP/USD

4 hour

The GBP/USD's movement will be impacted by today's Non-Farm Employment Change.

1 hour

Price action remained in the corrective pattern yesterday as price bounced off resistance, which was probably a move sparked by the lower than expected bank rate votes of the Bank of England.

USD/JPY

4 hour

The USD/JPY's movement will be impacted by today's Non-Farm Employment Change.



“Original analysis is provided by Admiral Markets”

 

[Admiral Markets]

US Dollar Fails to Break Resistance During NFP

EUR/USD

4 hour

The EUR/USD stayed within the trend lines despite Friday's Non-Farm Employment Change. Price remains in an August wedge between support (green) and resistance (red).

1 hour

The EUR/USD bounced off support during the NFP announcement and created a double bottom (green). Price could now be heading towards the Fibonacci targets of wave Y vs W and the resistance trend line (red).

GBP/USD

4 hour

The GBP/USD pushed below support during the Non-Farm Employment Change in intra-day trading but eventually closed above it (green). Price remains in a tight wedge with support (green) and resistance (red) nearby.

1 hour

The GBP/USD is showing a downtrend with lower lows and lows highs on the lower time frame but overall the movement is relatively choppy and support levels could stop the drop.

USD/JPY

4 hour

The USD/JPY's failed to break above the top and showed a strong bearish candle on Friday, which could have completed the wave C (purple).




“Original analysis is provided by Admiral Markets”

 

[Admiral Markets]

ABC Formations Visible on Major Forex Pairs

EUR/USD

4 hour

The EUR/USD moved up yesterday but turned around at the confluence of resistance (red trend line and 611.8% Fibonacci target). Price remains in a wedge with support (green) and resistance nearby.

1 hour

The EUR/USD completed an ABC (green) within wave Y (blue).

GBP/USD

4 hour

The GBP/USD found renewed support at the confluence of trend lines (green) for a bullish rally yesterday. Price remains in a wedge with resistance (orange/red) and support nearby.

1 hour

The GBP/USD probably completed an ABC zigzag (dark green) within wave W (magenta).

USD/JPY

4 hour

The USD/JPY has a wave count that suggests an end of the trend scenario with wave X (green) failing to break the top of wave 5 (purple). The invalidation level is a break of the top, which most likely implies an uptrend continuation.




“Original analysis is provided by Admiral Markets”

 

[Admiral Markets]

EUR/USD Breaks Above 1.10 Round Number Resistance

EUR/USD

4 hour

The EUR/USD managed to break above one of resistance trend lines (red) and could potentially move higher towards the Fibonacci targets of wave Y versus W.

1 hour

The EUR/USD bounced off the support (green) trend line for another bullish rally, which could be wave A (blue) of a bigger ABC.

GBP/USD

4 hour

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

1 hour

The GBP/USD was not able to break above resistance (orange/red) and is most likely retracing lower as part of wave X (magenta).

USD/JPY

4 hour

The USD/JPY needs to break the top of wave 5 (purple) before an uptrend continuation is more likely. At the moment a slight rising wedge chart formation is visible when comparing the angles of the red and green trend lines.



“Original analysis is provided by Admiral Markets”

 

[Admiral Markets]

USD/JPY Breaks below Rising Wedge Chart Pattern

EUR/USD

4 hour

The EUR/USD managed to rally above the resistance trend line (red) and moved up towards the Fibonacci targets of wave Y versus W.

1 hour

The EUR/USD probably completed wave C (blue) of a bigger ABC as mentioned in yesterday's analysis.

GBP/USD

4 hour

The GBP/USD has again reached the top of the large consolidation zone which is marked by the green and red trend lines.

1 hour

The GBP/USD is in an uptrend channel (green/orange) and could be building an ABC (dark green) within wave Y (magenta).

USD/JPY

4 hour

The USD/JPY broke below the rising wedge chart pattern formation which is indicated by the broken green line. This could be a first signal of a potential bounce at the resistance top (brown).




“Original analysis is provided by Admiral Markets”