Elliott Wave Analysis by Admiral Markets

[Admiral Markets]

GBP/USD weakness continues by breaking weekly bottom

EUR/USD

4 hour



The EUR/USD is approaching potential support levels like the Fibonacci retracements and trend line. This zone could turn out to be a zone where price will show a bullish bounce (if it breaks above resistance) or a bearish break (if it breaks below support).

1 hour



The EUR/USD respected the Fibonacci levels of wave 4 (orange) and has turned bearish as part of wave 5. A break above the resistance trend line (orange) could indicate the completion of wave X (purple).

GBP/USD

4 hour



The GBP/USD broke the bottom (dotted green) and has continued with its bearish momentum and trend.

1 hour



The GBP/USD respected the shallow Fibonacci levels of the wave 4 (blue) and price is moving lower as part of the 5th wave (blue) towards Fibonacci targets to complete most likely wave 3 (pink).

USD/JPY

4 hour



The USD/JPY break below the support trend lines (dotted greens) but price action has been slow. Whether price has sufficient momentum to break the bottom (solid green) remains to be seen. A break below could price fall towards the Fibonacci levels.

1 hour



The USD/JPY completed a corrective wave which is now marked as a wave 2 (orange). Price could now be in a potential wave 3, but it would require strong bearish momentum.



“Original analysis is provided by Admiral Markets”

 

[Admiral Markets]

EUR/USD and USD/JPY bullish bounce, GBP/USD bearish trend

EUR/USD

4 hour



The EUR/USD made a bullish bounce at the 61.8% Fibonacci retracement level and support trend line (green). A break below support could see price fall towards the 78.6% Fibonacci level. A break above resistance (red) could see price move towards Fibonacci targets (Y vs W).

1 hour



The EUR/USD seems to have completed a bearish wave 5 (orange). A break above the resistance trend line (orange) could indicate the completion of wave X (purple).

GBP/USD

4 hour



The GBP/USD broke the bottom (dotted green) and has continued with its bearish momentum and trend.

1 hour



The GBP/USD moved lower as part of the 5th wave (blue). Price seems to be building a small triangle correction which could be explained by a wave 4 (grey).

USD/JPY

4 hour



The USD/JPY is show a low level of bearish momentum and was (so far) unable to break the bottom (solid green). Unless price break below the bottom it seems more likely that price can make a bigger bullish retracement as part of wave Y (blue) of wave X (brown).

1 hour



The USD/JPY seems to have completed two bearish ABC zigzags and could now be building a bullish ABC within wave Y (blue) unless price breaks the bottom.




“Original analysis is provided by Admiral Markets”

 

[Admiral Markets]

GBP/USD and USD/JPY build pullback within downtrend

EUR/USD

4 hour



The EUR/USD made a bullish bounce at the 61.8% Fibonacci retracement level and support trend line (green). A break below support could see price fall towards the 78.6% Fibonacci level. A break above resistance (red) could see price move towards Fibonacci targets (Y vs W).

1 hour



The EUR/USD break above the resistance trend line (orange) could indicate the completion of wave X (purple).

GBP/USD

4 hour



The GBP/USD is making a bullish retracement within the bearish trend. A potential resistance is the previous support level (red).

1 hour



The GBP/USD could still be in a wave 4 (grey) especially if price stays below the 50% or 61.8% Fibonacci. A pullback as deep as the 78.6% or more means that wave 5 (grey) has most likely already been completed as a truncated last wave (truncate is lack of breaking the bottom of wave 3).

USD/JPY

4 hour



The USD/JPY made a bullish bounce at the bottom (solid green). It remains unclear whether wave X (brown) has been completed or whether a larger correction upwards could unfold. A break below the bottom makes it more likely that price has completed that wave X and is in wave Y (blue).

1 hour



The USD/JPY seems to have completed a bullish ABC zigzag (green). This could also lead to the completion of wave X (brown) or be part of an expanded correction, which could become evident how price responds to the support trend line (bounce or break).




“Original analysis is provided by Admiral Markets”

 

[Admiral Markets]

Major Forex pairs turn at Fibonacci and break support

EUR/USD

4 hour



The EUR/USD broke the support trend line (green) and could be expanding the wave X (purple) correction. The wave count is vulnerable to change if price breaks below the 78.6% Fibonacci level.

1 hour



The EUR/USD seems to be building an ABC bearish zigzag (orange) down towards the wave X (purple).

GBP/USD

4 hour



Price is making a lower low most likely as part of wave 5 (blue) within wave 3 (pink).

1 hour



The GBP/USD could still be in a wave 4 (grey) especially if price stays below the 50% or 61.8% Fibonacci. A pullback as deep as the 78.6% or more means that wave 5 (grey) has most likely already been completed as a truncated last wave (truncate is lack of breaking the bottom of wave 3).

USD/JPY

4 hour



The USD/JPY is approaching the broken daily bottoms, which have now turned into resistance lines (dark red). A break below the bottom (green) makes it likely that price has completed that wave X (brown) and is in wave Y (blue).

1 hour



The USD/JPY seems to have completed a bullish ABC zigzag (green). This could also lead to the completion of wave X (brown) or be part of an expanded correction, which could become evident how price responds to the support trend lines (bounce or break).



“Original analysis is provided by Admiral Markets”

 

[Admiral Markets]

EUR/USD and GBP/USD retracing in waves to Fibonacci levels

EUR/USD

4 hour



The EUR/USD retraced back to the 78.6% Fibonacci retracement of the wave X (purple) correction. The wave count is vulnerable to change if price breaks below this level.

1 hour



The EUR/USD could have completed an ABC bearish zigzag (orange) down towards the wave X (purple) but a break above resistance is needed before the completion of the ABC becomes more likely.

GBP/USD

4 hour



The GBP/USD seems to have completed a wave 3 (pink). Price could now be starting a wave 4 (pink) retracement with resistance at the Fibonacci levels of wave 4 vs 3.

1 hour



Within wave 3 (pink) the GBP/USD completed a bearish 5 wave (orange) as part of the wave's 5 (grey/blue). An ABC correction seems to be unfolding as part of wave 4.

USD/JPY

4 hour



The USD/JPY break below the bottom (green) makes it likely that price has completed a wave X (brown) and is in wave Y (blue).

1 hour



The USD/JPY seems to have completed a bearish ABC zigzag (pink). If price keeps pushing lower and below the bottom (green), then the wave count can chance to a 123. If price makes a bullish correction, then this could lead to price moving higher as part wave X (brown).




“Original analysis is provided by Admiral Markets”

 

[Admiral Markets]

USD/JPY returns to broken bottom via ABC zigzag

EUR/USD

4 hour



The EUR/USD is building a downtrend with clear low lows and lower highs. However, deep Fibonacci support levels could still create a pause or bullish bounce. The wave count is vulnerable to change if price breaks below these levels.

1 hour



The EUR/USD could have completed an ABC bearish zigzag (orange) down towards the wave X (purple) but a break above resistance is needed before the completion of the ABC becomes more likely.

GBP/USD

4 hour



The GBP/USD seems to have completed a wave 3 (pink). Price could now be in a wave 4 (pink) retracement. Price could find resistance at the Fibonacci levels of wave 4 vs 3.

1 hour



An ABC correction did indeed take place as part of wave 4 (pink). The question is whether the wave 4 will expand further. If so, then a WXY (blue) correction will unfold. If not, then price could break support levels and continue as part of wave 5 (pink).

USD/JPY

4 hour



The USD/JPY broke the small resistance trend line (orange dotted) and is making one more bullish push up towards the resistance levels. A bearish turn at resistance would confirm the development of a wave Y (blue) in wave X (brown).

1 hour



The USD/JPY indeed completed a bearish ABC zigzag (pink) within wave X (green). Now price could be building a bullish ABC zigzag (pink too) within another wave X (brown), which could be a resistance spot for a bearish turn.



“Original analysis is provided by Admiral Markets”

 

[Admiral Markets]

GBP/USD pulls back to bottom resistance via ABC zigzag

EUR/USD

4 hour



The EUR/USD has been moving slowly this week with a tight range (purple). Deep Fibonacci support levels could still remain important for a pause or bullish bounce. The wave count is vulnerable to change if price breaks below these levels.

1 hour



The EUR/USD could have completed the 5th wave (pink) of an ABC bearish zigzag (orange). Price is challenging resistance (red) and a break could confirm the bullish ABC (pink).

GBP/USD

4 hour



The GBP/USD is expanding the wave 4 (pink) retracement and has retraced back to the broken bottom (dotted green). Price could find resistance at the Fibonacci levels of wave 4 vs 3.

1 hour



Price has reached a confluence of resistance levels. A break above the 61.8% Fibonacci level could change the overall wave structure.

USD/JPY

4 hour



The USD/JPY is making one more bullish correction towards the resistance levels. A bearish turn at resistance would confirm the development of a wave Y (blue) in wave X (brown).

1 hour



Whether the USD/JPY has indeed completed the correction remains to be seen. A failure to continue with a higher high could be the first signal that the wave X (brown) has been completed.



“Original analysis is provided by Admiral Markets”

 

[Admiral Markets]

NFP impact on the Forex waves

EUR/USD

4 hour



The EUR/USD broke above the tight range (purple) and moved higher towards the resistance trend line (orange). A break above could indicate the continuation of waves Y. The Non-Farm Payroll employment change data could have a major impact on price movement and direction.

1 hour



The EUR/USD could have completed the 3rd wave (green) of an ABC bullish zigzag (blue).

GBP/USD

4 hour



The GBP/USD is expanding the wave 4 (pink) retracement and has retraced back to the 61.8% Fibonacci level. This is the deepest retracement possible before the current wave count is invalid. Price could find resistance at the Fibonacci levels of wave 4 vs 3. The Non-Farm Payroll employment change data could have a major impact on price movement and direction.

1 hour



The GBP/USD has made an ABC zigzag (grey) but whether the entire wave 4 (pink) correction is completed remains to be seen.

USD/JPY

4 hour



The USD/JPY has support and resistance levels nearby. The Non-Farm Payroll employment change data could have a major impact on price movement and direction.

1 hour



The USD/JPY bounced at support (green). A break below it confirms the continuation of the wave Y (brown). A break above the 78.6% Fibonacci level increases the chance that the wave X (brown) is not yet completed.



“Original analysis is provided by Admiral Markets”

 

[Admiral Markets]

EUR/USD and GBP/USD continue bullish ABC patterns

EUR/USD

4 hour



The EUR/USD indeed seems to be building a bullish rally after breaking above the resistance trend line (dotted orange). The most likely wave count is an ABC zigzag (blue)

1 hour



The EUR/USD could be building a bearish ABC zigzag (green) within wave B (blue).

GBP/USD

4 hour



The GBP/USD is in a potential wave 4 (pink) retracement. This pullback is strongly challenging the bottom of wave 1 (pink). A break above resistance (orange) will certainly make current wave count invalid.

1 hour



The GBP/USD has made an ABC zigzag (grey) but whether the entire wave 4 (pink) correction is completed remains to be seen.

USD/JPY

4 hour



The USD/JPY has support (green) and resistance (red) levels nearby. The price pattern seems to be a corrective rising wedge chart pattern.

1 hour



The USD/JPY has levels above and below that could indicate a potential breakout. A bullish break would most likely lead to a continuation of wave X (brown) whereas a bearish break would probably see a continuation of wave Y (brown).




“Original analysis is provided by Admiral Markets”

 

[Admiral Markets]

Major Forex pairs arrive at critical decision zones

EUR/USD

4 hour



The EUR/USD retraced back to the 50% Fibonacci level and showed a bullish bounce. This could complete wave B (blue) within a larger ABC zigzag (blue).

1 hour



The EUR/USD is at a resistance trend line (red) which is a potential break or bounce spot.

GBP/USD

4 hour



The GBP/USD's wave count has been changed to reflect the larger bullish price action. Price is still at levels of resistance such as the trend line (red) and 61.8% Fib. A break above the brown horizontal line invalidates wave 4 (blue).

1 hour



The GBP/USD is making an ABC bullish zigzag (pink) within the potential wave 4 (blue).

USD/JPY

4 hour



The USD/JPY has broken below the support (green) level and has remained below resistance (red). This could be part of larger wave B correction.

1 hour



The USD/JPY broke below support in what could be a bearish ABC zigzag (green).



“Original analysis is provided by Admiral Markets”