Elliott Wave Analysis by Admiral Markets

[Admiral Markets]

US Dollar trapped between support and resistance

EUR/USD

4 hour



The EUR/USD completed a shallow ABC zigzag (green). Price has broken below the support trend line (dotted green) in the meantime. For the moment it seems most likely that price will bounce at one of the Fibonacci levels as part of wave X (blue) for a corrective expansion towards Waves Y.

1 hour



A break below the light green line invalidates the Wave X (blue).

GBP/USD

4 hour



The GBP/USD respected a confluence of resistance such as the trend line (red) and 61.8% Fib and made a bearish turn. A break below the support trend lines is needed before price can expect to start wave 5. A break above the brown horizontal line invalidates wave 4 (blue).

1 hour



The GBP/USD could be starting a new bearish impulse (pink) with a wave 1-2 if it manages to stay below the previous top and eventually break below support.

USD/JPY

4 hour



The USD/JPY remains in a larger sideways correction (orange/green). A break above orange however still indicates that price has long-term resistance above it. A break below green could see price fall as part of a 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”

 

[Admiral Markets]

EUR/USD bullish bounce at 50% Fibonacci retracement level

EUR/USD

4 hour



The EUR/USD bounced at the 50% Fibonacci retracement, which could be part of wave X (blue). A bullish continuation could see price expand towards Waves Y.

1 hour



A break below the dark green line could indicate a continuation of Wave X (blue). If price stays above it then a wave 1 and 2 could be unfolding (orange) within a larger ABC (green).

GBP/USD

4 hour



The GBP/USD is in a contracting triangle chart pattern. A break below the support trend lines is needed before price can expect to start wave 5. A break above the brown horizontal line invalidates wave 4 (blue).

1 hour



The GBP/USD could be starting a new bearish impulse (pink) with a wave 1-2 if it manages to stay below the previous top and eventually break below support. The triangle pattern is visible when reviewing the blue and red trend line.

USD/JPY

4 hour



The USD/JPY remains in a larger sideways correction (orange/green). A break above orange however still indicates that price has long-term resistance above it. A break below green could see price fall as part of a wave B correction.

1 hour



The USD/JPY completed a bearish ABC zigzag and broke above resistance (dotted red). Price could find resistance at the top of the triangle.



“Original analysis is provided by Admiral Markets”

 

[Admiral Markets]

EUR/USD bounces 400 pips at Fibonacci target

EUR/USD

4 hour



The EUR/USD made a deep bearish retracement but eventually price did show a large 400 pip bullish bounce at the 100% Fibonacci level taking price from 1.0825 to 1.1225. A bullish continuation could see price expand towards the waves Y.

1 hour



The bullish bounce at the 100% Fibonacci level was very impulsive. It seems most likely that price will build an ABC bullish zigzag (green).

GBP/USD

4 hour



The GBP/USD broke above the resistance trend line (dotted red) for an extended bullish run. A push above the resistance (brown) trend line invalidates wave 4 (blue). In such a case, the alternative wave count could have wave 5 (blue) end at the current spot of wave 3.

1 hour



The GBP/USD could be in a wave 5 (blue) of wave C (pink).

USD/JPY

4 hour



The USD/JPY made a bearish bounce at the resistance trend line (orange) and price remains in a larger sideways correction (orange/green).

1 hour



The USD/JPY turned at the 100% Fibonacci targets and dropped substantially after the bearish bounce. The momentum could indicate a bearish wave A (green), which is followed by an entire bearish ABC zigzag.



“Original analysis is provided by Admiral Markets”

 

[Admiral Markets]

EURUSD and GBPUSD rapidly gain bullish energy

EUR/USD

4 hour



The EUR/USD is building a smaller contracting triangle after showing a 400 pip bullish bounce. The bullish momentum could see price expand towards the waves Y.

1 hour



The EUR/USD seems to be building an ABC bullish zigzag (green). Price respected the 38.2% Fibonacci level and is now at resistance. The lower Fibonacci levels at 50% to 78.6% remain potential support zones. A break above resistance could see the start of wave C (green).

GBP/USD

4 hour



The GBP/USD keeps pushing higher in its uptrend channel and the wave structure has been changed to place the wave 5 (blue) at the bottom. For the moment a bullish ABC zigzag (pink) seems the most likely scenario unless price breaks above the top (brown).

1 hour



The GBP/USD is in a neat channel where a wave 5 (blue) of wave C (pink) is developing.

USD/JPY

4 hour



The USD/JPY remains in a larger sideways correction (orange/green).

1 hour



The USD/JPY respected the 78.6% Fibonacci level, which could be part of a wave B (green) within the bearish ABC zigzag.




“Original analysis is provided by Admiral Markets”

 

[Admiral Markets]

Forex market shows calmness before the storm

EUR/USD

4 hour



The EUR/USD continues with building a contracting triangle after strong bullish momentum last week. Price has stopped at the 38.2% Fibonacci and could the same with other retracement levels. A break below the bottom of wave X (blue) invalidates the current wave count.

1 hour



The EUR/USD seems to be building an ABC bullish zigzag (green). A break above resistance (orange) could see the start of wave C (green). A break below support (green) could see price fall towards the lower Fibonacci retracement level.

GBP/USD

4 hour



The GBP/USD has moved back to the bottom of the uptrend channel (green), which is a bounce or break spot on the chart. The wave count is suggesting that the bullish ABC zigzag has been completed. If this is true, then eventually a bearish breakout should occur. A break above the 100% Fibonacci level invalidates the wave 1-2 (blue) structure).

1 hour



The GBP/USD is at a potential support level (greens). A bullish bounce and break above resistance could indicate an ABC rather than a 123 (pink).

USD/JPY

4 hour



The USD/JPY remains in a larger sideways correction (orange/green). Price seems to be moving away from resistance and break below the inner support trend line (dotted green).

1 hour



The USD/JPY respected the 78.6% Fibonacci level and seems to be heading lower as part of wave C (green).



“Original analysis is provided by Admiral Markets”

 

[Admiral Markets]

GBPUSD bearish break exception among contracting triangles

EUR/USD

4 hour



The EUR/USD continues to move sideways in a contracting triangle chart pattern. A break below the bottom of wave X (blue) invalidates the current wave count. A break above resistance (orange) could see the start of wave C (green).

1 hour



The EUR/USD has stopped at the 38.2% Fibonacci and could the same with other retracement levels. A break below support (green) could see price fall towards a lower Fibonacci retracement level and also make a potential bullish bounce.

GBP/USD

4 hour



The GBP/USD has broken through the bottom of the uptrend channel (dotted green), which turned out to be a break spot on the chart. Price seems to be in an impulsive wave 3 (pink) but the entire wave structure is vulnerable to change due to the larger divergence on the daily chart (price has lower low but oscillator does not).

1 hour



The GBP/USD seems to be in a wave 3 (pink). Once the wave 3 is completed, then there is a chance that price will make a pullback as part of wave 4 (pink).

USD/JPY

4 hour



The USD/JPY remains in a larger contracting triangle (orange/green). Price seems to be in wave E (blue) of wave X (brown). A break above the top of wave C (blue) invalidates the bearish triangle.

1 hour



The USD/JPY is showing multiple ABC zigzag corrections (pink) on the chart and could perhaps do that one more time within wave Y (green).



“Original analysis is provided by Admiral Markets”

 

[Admiral Markets]

FOMC triggers USD weakness: next waves explained

EUR/USD

4 hour



The EUR/USD finally broke above the contracting triangle chart pattern as expected. This could lead to the continuation of wave C (green).

1 hour



The EUR/USD could expand the bullish breakout above resistance (dotted orange) as part of the wave C (green) via an impulsive 5 waves.

GBP/USD

4 hour



The GBP/USD has respected the 61.8% Fibonacci support level. There was also a strong bullish reaction at that support level. Lastly there is also bullish divergence between the bottoms on the daily chart. These 3 aspects increase the chance that the GBPUSD could make a larger bullish correction as indicated by WXY (blue).

1 hour



The GBP/USD broke above resistance (dotted red) with lots of momentum.

USD/JPY

4 hour



The USD/JPY remains in a larger contracting triangle (orange/green). Price could have completed a wave E (blue) of wave X (brown), although a break below the support trend line (green) would provide more confirmation. A break above the top of wave C (blue) invalidates the bearish triangle.

1 hour



The USD/JPY broke below the support trend line (dotted green) after completing a bullish ABC zigzag (pink). Price could be starting a new bearish trend after completing wave E (blue).



“Original analysis is provided by Admiral Markets”

 

[Admiral Markets]

EURUSD shows divergence but GBPUSD and USDJPY keep momentum

EUR/USD

4 hour



The EUR/USD continued its bullish breakout to higher levels as part of an impulsive wave C (green). The resistance levels (red) and Fibonacci targets could be points on the chart where price could reverse.

1 hour



The EUR/USD seems to be in the 5th wave (orange) of wave C (green). Once the 5th wave is completed (which could potentially already be completed), price could see the start of a bearish retracement due to the divergence (purple line).

GBP/USD

4 hour



The GBP/USD continued its bullish bounce at the 61.8% Fib to higher levels as part of an impulsive wave A (pink). There is divergence on the daily chart between the 2 most recent bottoms, which could lead to a larger correction as indicated by WXY (blue).

1 hour



The GBP/USD showed most likely a strong wave 3 (green) yesterday. A wave 4 (green) retracement should not go below the 61.8% Fibonacci level or it would invalidate the current wave count.

USD/JPY

4 hour



The USD/JPY is testing the bottom of the larger contracting triangle (orange/green). A break below the support trend line (green) would provide more confirmation of a completed a wave E (blue) of wave X (brown).

1 hour



The USD/JPY seems to have completed 5 bearish waves as part of a large ABC bearish zigzag (blue). A bullish retracement could potentially find resistance at the wave B Fib levels.



“Original analysis is provided by Admiral Markets”

 

[Admiral Markets]

Contracting triangles on USD: a pause before breakouts?

EUR/USD

4 hour



The EUR/USD continued its bullish breakout to higher levels as part of an impulsive wave C (green). The resistance levels (red) and Fibonacci targets could be points on the chart where price could reverse.

1 hour



The EUR/USD seems to be in the 4th wave (orange) of wave C (green). Price does show divergence (purple line) but price has gone sideways and has built a triangle formation. This increases the probability of a wave 4 (orange) correction taking place.

GBP/USD

4 hour



The GBP/USD is using the 61.8% Fibonacci level as support and the 78.6% Fib as resistance. A bearish break below support could indicate that the wave A (pink) is completed. A bullish bounce could see price challenge the resistance trend lines.

1 hour



The GBP/USD could already have completed the 5th wave (pink) at the most recent top if price fails to break above resistance (red). A bullish break, however, could indicate that wave A (pink) is still in motion.

USD/JPY

4 hour



The USD/JPY remains at the bottom of the larger sideways consolidation zone (orange/green). A break below the support trend line (green) would provide more confirmation of a completed a wave E (blue) of wave X (brown) and a continuation of the wave Y (brown).

1 hour



The USD/JPY seems to be retracing back towards the Fibonacci retracement levels of wave B (blue).




“Original analysis is provided by Admiral Markets”

 

[Admiral Markets]

Bear and bull flags are common currency in FX market

EUR/USD

4 hour



The EUR/USD seems to be building a bull flag chart pattern within the impulsive wave C (green). A breakout above the flag could see price develop a bullish continuation until the next resistance zone such as the Fibonacci targets and trend lines (orange/red).

1 hour



The EUR/USD seems to be in the 4th wave (orange) of wave C (green). A break below the support trend line (green) and the 50%/61.8% Fibonacci increases the likelihood that price is not in a wave 4.

GBP/USD

4 hour



The GBP/USD is building a bearish retracement after a strong bullish impulsive which was marked as wave A (pink). For the moment an ABC rally seems the most likely continuation but a failure to break above 1.45 could see price develop a bearish reversal back down to the support trend line (green).

1 hour



The GBP/USD could already have completed the 5th wave (pink) at the most recent top if price fails to break above resistance (red). A bullish break, however, could indicate that wave A (pink) is still in motion.

USD/JPY

4 hour



The USD/JPY remains at the bottom of the larger sideways consolidation zone (orange/green). A break below the support trend line (green) would provide more confirmation of a completed a wave E (blue) of wave X (brown) and a continuation of the wave Y (brown).

1 hour



The USD/JPY is building a bear flag chart pattern within the potential wave B (blue). The Fibonacci retracement levels of wave B (blue) could be resistance levels for a bearish turn.




“Original analysis is provided by Admiral Markets”