Elliott Wave Analysis by Admiral Markets

[Admiral Markets]

Daily Wave Analysis for 23 June 2014


EURUSD

Price has both support (green) and resistance (red) levels nearby but the wave count and Fibonacci levels suggest potential targets at higher levels.

4 hour EURUSD:

Despite my current bullish count, break outs to both direction (green and red arrows) if price breaks above the trend line (purple) or below support (magenta).

60 min EURUSD:

GBPUSD

Price is moving upwards in a neat channel (blue) but has paused recently at the multi-year high (red line).

4 hour GBPUSD:

It remains to been whether wave 5 has been completed at the recent top or whether the wave count will have an extended 5th wave (red, but in the latter scenario breakouts to the upside are possible (green arrows).

60 min GBPUSD:

USDJPY

Price could be expanding the wave Y (green) by another WXY (black). The triangle formation (orange trend lines) are the lines in the sand for the moment.

4 hour USDJPY:

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[Admiral Markets]

Daily Wave Analysis for 24 June 2014


EURUSD

Price has both support (green) and resistance (red) levels nearby but the wave count and Fibonacci levels suggest potential targets at higher levels.

4 hour EURUSD:

Although the current wave count is bullish, break outs could occur to both direction (green and red arrows) if price breaks above the trend line (purple) or below support (magenta).

60 min EURUSD:

GBPUSD

Price is moving upwards in a neat channel (green) but has paused recently at the multi-year high (red line).

4 hour GBPUSD:

It remains to been whether wave 5 has been completed at the recent top or whether the wave count will have an extended 5th wave (blue). In the last scenario breakouts to the upside are possible (green arrows).

60 min GBPUSD:

USDJPY

Price could be expanding the wave Y (green) by another WXY (black). The triangle formation (orange trend lines) are the lines in the sand for the moment.

4 hour USDJPY:

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[Admiral Markets]

Daily Wave Analysis for 25 June 2014

EURUSD

Price remains in a very tight range with both support (green) and resistance (red) levels nearby but the wave count and Fibonacci levels suggest potential targets at higher levels.

4 hour EURUSD:

Although the current wave count is bullish, break outs could occur to both direction (green and red arrows) if price breaks above the trend line (orange) or below support (magenta).

60 min EURUSD:

GBPUSD

Price is moving upwards in a neat channel (green) but has paused at the multi-year high (red line).

4 hour GBPUSD:

It remains to be seen whether wave 5 has been completed at the recent top (currently wave 1 purple) or whether the wave count will have an extended 5th wave (purple 12345). In the last scenario breakouts to the upside are possible (green arrows) above the potential bull flag (orange lines). The invalidation level of the 5th wave extension is the bottom (thick blue line).

60 min GBPUSD:

USDJPY

Price could be expanding the wave Y (green) by WXY (black). The triangle formation (orange trend lines) are the lines in the sand for the moment.

4 hour USDJPY:

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[Admiral Markets]

Daily Wave Analysis for 26 June 2014

EURUSD

Price remains in a very tight range with both support (green) and resistance (red) levels nearby but the wave count and Fibonacci levels suggest potential targets at higher levels.

4 hour EURUSD:

Price is using the trend line (magenta) as a support level. Break outs (green arrows) could occur if price breaks above the resistance line (red); whereas bounces (green arrow) could happen when price approaches support (magenta).

60 min EURUSD:

GBPUSD

It remains to be seen whether wave 5 has been completed at the recent top (currently wave 1 purple) or whether the wave count will have an extended 5th wave (purple 12345 on 1 hour chart).

4 hour GBPUSD:

Breakouts to the upside are possible (green arrows) above the potential bull flag (orange lines). The invalidation level of the 5th wave extension is the bottom (thick blue line).

60 min GBPUSD:

USDJPY

Price could be expanding the wave Y (green) by WXY (black) but the wave count could change if price breaks below the lower trend line (magenta).

4 hour USDJPY:

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[Admiral Markets]

Daily Wave Analysis for 27 June 2014

EURUSD

Price remains in a very tight range with both support (green) and resistance (red) levels nearby but the wave count and Fibonacci levels suggest potential targets at higher levels.

4 hour EURUSD:

The EURUSD made a dip and rise yesterday and remains boxed in a tight zone. Break outs (green arrows) could occur if price breaks above the resistance line (magenta); whereas bounces (green arrow) could happen when price approaches support (purple).

60 min EURUSD:

GBPUSD

It remains to be seen whether wave 5 has been completed at the recent top (currently wave 1 purple) or whether the wave count will have an extended 5th wave (purple 12345 on 1 hour chart).

4 hour GBPUSD:

Price is making a wave 3 (purple) of wave 5 (blue) or a final wave 5 (blue). The Fibonacci levels are the potential targets.

60 min GBPUSD:

USDJPY

The break of price below support (magenta) could suggest that wave X (purple) will be completed at lower levels.

4 hour USDJPY:

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[Admiral Markets]

Daily Wave Analysis for 30 June 2014

EURUSD

Price remains in a very tight range with both support (green) and resistance (red) levels nearby but the wave count and Fibonacci levels suggest potential targets at higher levels.

4 hour EURUSD:

The EURUSD is approaching resistance levels but break outs (green arrows) could occur if price breaks above them (magenta and red).

60 min EURUSD:

GBPUSD

It remains to be seen whether wave 5 has been completed at the recent top or whether the wave count will have an extended 5th wave (purple 12345 on 1 hour chart).

4 hour GBPUSD:

Price could be making a wave 3 (purple) of wave 5 (blue) or a final wave 5 (blue). The Fibonacci levels are the potential targets upon a breakout (green arrows) above resistance (red).

60 min GBPUSD:

USDJPY

The break of price below support (magenta) could suggest that wave X (purple) will be completed at lower levels.

4 hour USDJPY:

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[Admiral Markets]

Daily Wave Analysis for 1 July 2014


EURUSD

Price finally broke out of its 16 day range. The next question is whether price can extend itself into higher levels and Fibonacci targets before making a retracement (below red and orange).

4 hour EURUSD:

The EURUSD could potentially continue with yesterday’s break outs (green arrows) if price breaks above top.

60 min EURUSD:

GBPUSD

Yesterday’s break to the upside is providing a 5th wave continuation (just as with the EURUSD).

4 hour GBPUSD:

Wave 3 (purple) could be completed at higher Fibonacci targets if price breaks above resistance (orange). The other possible scenario is a retracement down to the wave 4 versus 3 Fibonacci levels where price could bounce at the 23.6% or 38.2% retracements. A break below the blue line invalidates the current wave 4 wave count.

60 min GBPUSD:

USDJPY

The current wave count is showing the potential for a wave X (purple) to be completed at one of the X vs W Fibonacci targets.

4 hour USDJPY:

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[Admiral Markets]

Daily Wave Analysis for 2 July 2014

EURUSD

The broken resistance (red) could become potential support (green) for a potential continuation up to Fibonacci targets, which could occur via an ABC pattern (orange).

4 hour EURUSD

The EURUSD could potentially continue with more break outs (green arrows) if price breaks above resistance (purple), which could be explained via a 12345 (blue) wave count of a wave A (orange).

60 min EURUSD:

GBPUSD

Yesterday’s continuation to the upside is providing a 5th wave extension.

4 hour GBPUSD:

Wave 3 (brown) could have been completed at the 161.8% Fibonacci target but might extend itself up to 200% or 261.8% as well. The other possible scenario is a retracement to completea potential wave 4 (brown).

60 min GBPUSD:

USDJPY

The consolidation continues on the USDJPY as price bounces off the Fibonacci targets for a potential wave W (purple).

60 min USDJPY:

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[Admiral Markets]

Daily Wave Analysis for 3 July 2014

EURUSD

The EURUSD has bounced off of the 100% Fibonacci targets. The up move could have completed a wave W (blue) which entails a potential wave X and Y (blues) remaining.

4 hour EURUSD:

The EURUSD could potentially break out (green and red arrows) if price breaks above resistance (orange) or below support (magenta and purple).

60 min EURUSD:

GBPUSD

Price is in a potential 5th wave with slight divergence.

4 hour GBPUSD:

The GBPUSD seems to be building on a wave 3-4-5 (brown) of wave 5’s (blue and green). The Fibonacci levels of wave 4 vs 3 are potential bouncing spots (green arrows) for more upside continuation. No divergence is present as yet.

60 min GBPUSD:

USDJPY

The current wave count is showing the potential for a move up towards the waves Y (blue, green, purple).

4 hour USDJPY:

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[Admiral Markets]

Daily Wave Analysis for 4 July 2014

EURUSD

In yesterday’s price action the EURUSD fell towards a support trend line (purple) and potential wave X (blue)Fibonacci retracement levels.

4 hour EURUSD:

The EURUSD could potentially break out (green and red arrows) if price breaks above resistance (red and orange) or below support (purple and Fib level) trend lines.

60 min EURUSD:

GBPUSD

Price is in a potential 5th wave with slight divergence.

4 hour GBPUSD:

Yesterday’s price action indeed bounced at the 38.2% Fibonacci retracement level. A pullback to half way (orange level) could be another bouncing potential (green arrows) for a 5th wave (brown) up to its Fibonacci targets (100% / 161.8%).

60 min GBPUSD:

USDJPY

Price could be making a wave 4 and 5 (red) of a potential ABC zigzag (black).

60 min USDJPY:

“Original analysis is provided by Admiral Markets”