Elliott Wave Analysis by Admiral Markets

[Admiral Markets]

EUR/USD’s Bullish Bounce, GBP/USD’s Tumble Lower

EUR/USD

4 hour



The EUR/USD bounced as part of the wave X (blue) support and indeed seems to be expanding the WXY correction. The trend line (orange) at 1.10 is an important resistance spot. A break above that could see price continue its bullish price action towards the 100% Fibonacci levels and thereafter perhaps to the higher Fib targets.

1 hour



The EUR/USD bounced at the confluence of 61.8% Fibonacci retracement and 100% Fibonacci target levels.

GBP/USD

4 hour



The GBP/USD keeps pushing the downtrend to new extremes and price is now approaching the 261.8% Fibonacci target at 1.3942 of wave 3 versus wave 1 (purple).

1 hour



The Cable is building wave extensions within that wave 3 and yesterday made an impulsive bearish fall after hitting the 50% Fibonacci retracement level of wave 4 (grey). There could be another 5 wave extension taking place within the wave 5 (grey) if price respects the Fibonacci levels of the wave 4 (blue circle) and resistance trend line (orange).

USD/JPY

4 hour



The USD/JPY showed a bearish bounce at the resistance trend line (orange) yesterday and price is falling back towards the horizontal support (green) and bigger weekly bottom (blue). A break below the support levels indicates the potential for a downtrend continuation.

1 hour



The USD/JPY seems to be building a bearish ABC zigzag (green) as part of wave X (blue). If price does show a bullish bounce at the Fibonacci levels, then price could expand wave Y (brown) of wave X (green).



“Original analysis is provided by Admiral Markets”

 

[Admiral Markets]

EUR/USD’s ABC Zigzag, GBP/USD’s Bear Flag Pattern

EUR/USD

4 hour



The EUR/USD showed a bearish bounce at the resistance trend line (orange), which is the top zone of the correction. Price has now approached the bottom of wave A which is the 100% Fibonacci level.

1 hour



The EUR/USD could have posted an ABC zigzag correction (orange). A bullish bounce at support (green) could see price head back up for wave C (green). Both support (green) and resistance (orange) trend lines are important boundaries.

GBP/USD

4 hour



The GBP/USD downtrend has accelerated as indicated by the angle of the inner trend line (orange) when compared to the trend channel (red). Price is now building a consolidation zone which is marked by yellow and light green trend lines.

1 hour



The consolidation zone is a bear flag chart pattern. A break below the flag could see price fall towards Fibonacci targets. A break above the flag could stop at the resistance trend line (orange). A break above the 78.6% Fibonacci level invalidates the wave 4 structure.

USD/JPY

4 hour



The USD/JPY showed a strong bearish bounce at resistance (orange) and a strong bullish bounce at support (blue). The pattern could be a corrective zone indicated by the WXY (brown) within wave X (green).

1 hour



The USD/JPY's bullish 5 wave (pink) is invalidated if price breaks below the top of wave 1 (purple).




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[Admiral Markets]

Momentum Boost in Forex Market

EUR/USD

4 hour



The EUR/USD broke one of the support trend lines (dotted green) during the ECB news event. A break below the next support level (light green) could price fall towards the Fibonacci retracement level of wave X vs W.

1 hour



The EUR/USD broke below the chart pattern with an impulsive wave C (pink). The bullish bounce saw price move back to the resistance (orange) trend line, which could be a wave X (green) of a larger correction.

GBP/USD

4 hour



The GBP/USD showed another lower low yesterday which brought price back to the bottom of the downtrend channel. Here price made a sturdy bullish bounce, which took price back to resistance (orange). The bullish bounce could be a first indication that the wave 5's have been completed but this does depend on whether price can break above the trend line.

1 hour



The bullish impulse could be part of a larger ABC (green) zigzag. There is triple divergence present when looking at the trend lines on the oscillator, which increases the chance of price a bigger correction.

USD/JPY

4 hour



The USD/JPY is breaking the resistance trend line (dotted orange). The breakout could see price head higher towards the Fibonacci retracement levels of wave X (green).

1 hour



The USD/JPY is showing two bullish zigzags in a row (pink). Currently price is moving higher as part of wave C. The 161.8% target is equal to the 38.2% Fibonacci retracement on the 4 hour chart.




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[Admiral Markets]

ABC zigzag corrections near support and resistance

EUR/USD

4 hour



The EUR/USD continues to build a corrective chart pattern with support (green) and resistance (orange) marking its boundaries.

1 hour



The EUR/USD is showing steep bearish price action with support and resistance marking the bearish impulse. A break of the trend lines could indicate the reversal or continuation.

GBP/USD

4 hour



The GBP/USD has reached the top of the larger downtrend channel, which could be a bearish bouncing spot. The bearish price action, however, could be part of wave X (green).

1 hour



The GBP/USD completed a bullish ABC zigzag correction (green) after reaching the 100% Fibonacci target. Price could be expanding the correction via an ABC (orange) within wave X (green).

USD/JPY

4 hour



The USD/JPY broke the resistance trend line (dotted oranges). The breakout is approaching the 38.2% Fibonacci retracement level of wave X (green). The Fibonacci levels could pose as resistance.

1 hour



The USD/JPY seems to be building a bullish 5 wave (orange) within the ABC zigzag (pink).



“Original analysis is provided by Admiral Markets”

 

[Admiral Markets]

GBP/USD ABC zigzag break above resistance

EUR/USD

4 hour



An EUR/USD break below the support (green) trend line could see price fall towards the Fibonacci levels of wave X vs. W. A break above the resistance (orange) trend line could price move towards the Fibonacci targets of wave Y vs. W.

1 hour



The EUR/USD bounce at support on the 4 hour chart could cause an ABC bullish zigzag (blue).

GBP/USD

4 hour



The GBP/USD has broken above various resistance levels (dotted reds). Price seems to be correcting the downtrend via a WXY (green) as part of a larger wave 4 (purple).

1 hour



The GBP/USD seems to be in a bearish ABC (blue) zigzag within wave Y (green). The Fibonacci levels of wave B (blue) are potential bouncing spots.

USD/JPY

4 hour



The USD/JPY is labeled as a wave X (green) correction, which could either already have been completed at the most recent high or could be expanded with a larger WXY (blue) correction as shown in the image.

1 hour



The USD/JPY is building a contracting triangle pattern as indicated by the trend lines (red and green).


“Original analysis is provided by Admiral Markets”

 

[Admiral Markets]

Trend lines on EUR/USD indicate multiple patterns

EUR/USD

4 hour



An EUR/USD is building an ABC zigzag within the larger triangle formation.

1 hour



The EUR/USD has multiple support (green) and resistance (red) trend lines above and below price action.

GBP/USD

4 hour



The GBP/USD is correcting the downtrend via a WXY (green) as part of a larger wave 4 (purple). A break below support and the wave X bottom (green) could lead to bearish breakout whereas a bounce at support could price correct longer in wave Y (green).

1 hour



The GBP/USD fell towards the support trend line (green) and Fibonacci level, which could act as a bouncing spot for the wave C (blue). A break below the bottom of wave X (green) invalidates current wave B (blue).

USD/JPY

4 hour



The USD/JPY is making a corrective chart pattern at the moment, which is indicated by the support (green) and resistance (red) trend lines. Price is retracing towards the Fibonacci levels of wave X (green).

1 hour



The USD/JPY completed a bullish ABC zigzag (pink) but price could expand the correction via a WXY (green) if the USD/JPY stays above support (2 greens).



“Original analysis is provided by Admiral Markets”

 

[Admiral Markets]

Volatility spike in the Forex market

EUR/USD

4 hour



The EUR/USD is building a contracting triangle chart pattern. Price bounced yet again at the top of the triangle. It could find support again near the bottom of the triangle or at the Fibonacci levels.

1 hour



The EUR/USD has made a bearish turn at the resistance level (red). It is now building a bearish ABC zigzag within the corrective pattern (4 hour chart) that is bringing price back to the Fibonacci levels of wave X (blue). A break below the 100% level invalidates the wave structure.

GBP/USD

4 hour



The GBP/USD keeps correcting the downtrend via a WXY (green) as part of a larger wave 4 (purple). Price is now approaching the 1st Fibonacci level at the 23.6%. Typically wave 4s retrace to the 38.2% with the 23.6% and the 50% as alternative stopping spots.

1 hour



The GBP/USD bounced at the support trend line (green) to complete wave B (blue) as indicated in an earlier wave edition. Price has gained yet another bullish momentum as it breaks above the resistance trend line (dotted orange).

USD/JPY

4 hour



The USD/JPY broke the resistance trend line (dotted red) and showed a large bullish momentum to the 61.8% resistance Fib. The bullish price action could still be considered part of an impulsive wave C (blue). The wave count is vulnerable to change if price breaks above resistance (red) or if it shows a bullish correction pattern in the near future.

1 hour



The USD/JPY impulse has been labeled a wave 3 (pink) within the wave C (green). A break below the support trend line (green) invalidates the wave 3-4 development.



“Original analysis is provided by Admiral Markets”

 

[Admiral Markets]

EURUSD multiple bounces in triangle, GBPUSD breaks wedge

EUR/USD

4 hour



The EUR/USD stayed again with the range of the narrow triangle formation by respecting the resistance trend line (orange) and falling back towards support (green). A break of support could see price fall back towards the Fibonacci levels of wave X (brown). A bounce at support could see price go back towards resistance.

1 hour



The EUR/USD could have completed a bearish ABC zigzag if price manages to break the inner resistance trend line (orange).

GBP/USD

4 hour



The GBP/USD has hit the 23.6% Fibonacci level of wave 4 (purple) and has shown a strong bearish turn at the resistance after which price managed to break support (dotted green).

1 hour



The GBP/USD bearish action could either be part of an ABC correction (blue) which expands wave 4 (purple) or a new 1-2 bearish impulse which restarts the downtrend. For the moment an ABC has been placed on the chart.

USD/JPY

4 hour



The USD/JPY broke the resistance trend line (dotted red) and showed a large bullish momentum to the resistance Fibonacci levels. The wave count is vulnerable to change if price breaks above resistance (red) or if it shows a bullish correction pattern in the near future.

1 hour



The USD/JPY has completed a wave 4 (pink) within the wave C (green) and could now be headed towards the Fibonacci targets of wave 5.



“Original analysis is provided by Admiral Markets”

 

[Admiral Markets]

GBP/USD expands wave 4 towards 38.2% Fibonacci level

EUR/USD

4 hour



The EUR/USD indeed bounced at the support trend line (green) and Fibonacci level. Price is now approaching the resistance level (orange) and top of the contracting triangle chart pattern. A break above resistance could see price move to higher Fibonacci targets.

1 hour



The EUR/USD broke above the inner resistance trend line (orange dotted). The bullish movement seems to be unfolding within an impulsive 5 wave (orange), which could be part of a larger ABC (green).

GBP/USD

4 hour



The GBP/USD is building a shallow angled bullish channel, which is indicated by the orange trend lines. Price bounced at the 78.6% Fibonacci level (X vs W) and is thereby expanding the retracement within wave 4 (purple).

1 hour



The GBP/USD could part of an ABC correction (pink) which expands wave 4 (purple).

USD/JPY

4 hour



The USD/JPY lost its momentum as multiple candles were not able to post a new high. The wave count is vulnerable to change if price breaks above resistance (red) or if it shows a bullish correction pattern in the near future.

1 hour



The USD/JPY is building a bearish correction (orange ABC) but will need to break below support (green) before more downside could be expected.



“Original analysis is provided by Admiral Markets”

 

[Admiral Markets]

Major currency pairs reveal bounce or break spots

EUR/USD

4 hour



The EUR/USD remains in the middle of the contracting triangle chart pattern. A break above resistance could see price move to higher Fibonacci targets.

1 hour



The EUR/USD seems to have completed a bullish movement as part of an impulsive 5 wave (orange), which could be part of a larger ABC (green).

GBP/USD

4 hour



The GBP/USD is building a shallow angled bullish channel (orange/green), which is bear flag chart pattern. Price seems to have completed wave A (pink) at resistance (orange) and could now retrace as part of a larger ABC (pink).

1 hour



The GBP/USD break below support (green) could price fall towards the Fibonacci levels of wave B (pink). A bullish break above resistance (orange) could see price extend wave A (pink).

USD/JPY

4 hour



The USD/JPY indeed made a bearish turn and chances of a wave X (green) correction being completed are increasing. Price should stay below the resistance trend line (orange) otherwise there is a chance of price posting a higher high. A break below support (green) could see price head towards the Fibonacci targets.

1 hour



The USD/JPY is increasing bearish momentum and has approached the support trend line (green), which is a bounce or break spot.




“Original analysis is provided by Admiral Markets”