Elliott Wave Analysis by Admiral Markets

[Admiral Markets]

Daily Wave Analysis for 21 July 2014

EURUSD

Price seems to have completed an ABC correction at approximately the 1.35 support level (green line).

4 hour EURUSD:

The waves 4 and 5 (dark red) seem to be completed and could be heading towards wave Y (blue), which could mean a potential breakout (green arrows).

60 min EURUSD:

GBPUSD

Price bounced at the broken monthly resistance of 1.7040 (red-green) and is making a potential corrective pattern of WXY (brown) for the moment.

4 hour GBPUSD:

The uptrend has been replaced by a sideways zone for the moment. The top and the bottom (green and red lines) are important levels for a potential break of this zone.

60 min GBPUSD:

USDJPY

Price is potentially in wave Y’s (green and blue) of a wave X (magenta). A break below support (green line) would most likely alter the wave structure.

4 hour USDJPY:

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[Admiral Markets]

Daily Wave Analysis for 22 July 2014

EURUSD

Price seems to have completed an ABC correction at approximately the 1.35 support level (green line).

4 hour EURUSD:

The waves 4 and 5 (dark red) seem to be completed and price could be heading towards wave Y (blue).

60 min EURUSD:

GBPUSD

Price is either making an extension of wave 5 (green) or potentially completing the uptrend at this point. As long as price remains above the broken monthly resistance of 1.7040 (red-green), price remains in bullish territory.

4 hour GBPUSD:

The uptrend has been replaced by a sideways zone for the moment. The top and the bottom (green and red lines) are important levels for a potential break out of this zone.

60 min GBPUSD:

USDJPY

Price is potentially in wave Y’s (green and blue) of a wave X (magenta). A break below support (green line) would most likely complete the wave structure.

4 hour USDJPY:

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[Admiral Markets]

Daily Wave Analysis for 24 July 2014

EURUSD

The break of the 1.35 support level is the first time price has moved outside of the 1.35-1.37 zone since the end of May. The 1.3450 level is an important Fibonacci level.

4 hour EURUSD:

The wave 4 (red) of the wave 5 (dark red) seems to be unfolding now. The wave 4 (red) should not cross back into wave 1 territory if the wave count is correct.

60 min EURUSD:

GBPUSD

The break below 1.7040 (red-green) again changes perspectives. For the moment the wave count shows a wave 5 of 5 of 5 as completed at the top.

4 hour GBPUSD:

Considering the above, an impulsive 12345 (magenta) has been placed on the charts for the moment.

60 min GBPUSD:

USDJPY

Price is potentially in wave Y’s (green and blue) of a wave X (magenta). A break below support (green line) would most likely complete the wave structure.

4 hour USDJPY:

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[Admiral Markets]

Daily Wave Analysis for 28 July 2014

EURUSD

Whether wave 5 (dark red) could complete a wave C (magenta) or a potential wave 3 is an important development to monitor. The break below the 1.618%, which is the usual target for a wave C, starts to favor a wave 3 scenario.

4 hour EURUSD:

Price is moving down in a well balanced down trend channel (orange).

60 min EURUSD:

GBPUSD

The break below 1.7040 (red-green) changes perspectives: the wave count now shows wave 5’s as completed at the top.

4 hour GBPUSD:

An impulsive 12345 (dark red) could potentially complete wave 5 (magenta).

60 min GBPUSD:

USDJPY

A contracting triangle (purple lines) is showing indecision on the 1 hour chart.

60 min USDJPY:

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[Admiral Markets]

Daily Wave Analysis for 30 July 2014

EURUSD

A bearish momentum could be part of a bigger ABC (magenta) or a wave 3 (blue), which will depend on how slow or fast price retraces back up. In the 1st case a wave 3 is more likely; in the latter an ABC.

4 hour EURUSD:

The downtrend continuation could face struggle due the double divergence (purple line on oscillator).

60 min EURUSD:

GBPUSD

A bearish impulsive 12345 unfolds as price approaches daily support at +/- 1.6900 (green lines).

4 hour GBPUSD:

If price goes above the wave 1 (red) territory (purple line), then it invalidates the current wave 4 (red).

60 min GBPUSD:

USDJPY

An ABC zigzag (red) is unfolding towards the Fibonacci targets.

60 min USDJPY:

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[Admiral Markets]

Daily Wave Analysis for 1 August 2014

EURUSD

Be extra careful with trading today as the NFP and unemployment levels will have a major impact on the Forex market.

4 hour EURUSD:

If further downside occurs then the wave 5 (dark red) would become extended. Breakouts (red arrows) could occur below support (purple trend line) down towards the Fibonacci targets.

60 min EURUSD:

GBPUSD

A bearish wave 3 (magenta) could potentially translate into a decline towards the 161.8% or 261.8% Fibonacci targets. The latter is equal to the weekly bottom (green line).

4 hour GBPUSD:

This week’s bearishness is creating an extended 5th wave (dark red) of wave 3 (magenta).

60 min GBPUSD:

USDJPY

A potential 5 (purple) could occur today or next week.

60 min USDJPY:

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[Admiral Markets]

Daily Wave Analysis for 4 August 2014

EURUSD

A wave 4 (blue) typically does not exceed the 50% retracement. A break above the 50% makes a wave C (magenta) more likely.

4 hour EURUSD:

A WXY (green) could be unfolding within wave 4 (blue).

60 min EURUSD:

GBPUSD

A bearish wave 3 (magenta) could potentially translate into a decline towards the 161.8% or 261.8% Fibonacci targets. The latter is equal to the weekly bottom (green line).

4 hour GBPUSD:

A breakout (red arrows) could extend the wave 5’s (red and dark red). Eventually price will retrace for wave 4 (magenta).

60 min GBPUSD:

USDJPY

The burst of price momentum stopped at the resistance trend line (purple).

4 hour USDJPY:

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[Admiral Markets]

Daily Wave Analysis for 5 August 2014

EURUSD

A wave 4 (blue) typically does not exceed the 50% retracement. A break above the 50% makes a wave C (magenta) more likely than a wave 3 (blue).

4 hour EURUSD:

A WXY (green) could be unfolding within wave 4 (blue).

60 min EURUSD:

GBPUSD

A wave 3 (magenta) decline has been completed and price could now retrace for a wave 4 (magenta).

4 hour GBPUSD:

The usually turning spot for a wave 4 is the 38.2% Fibonacci retracement level.

60 min GBPUSD:

USDJPY

The USDJPY could be expanding the corrective pattern with another WXY (light blue).

4 hour USDJPY:

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[Admiral Markets]

Daily Wave Analysis for 6 August 2014

EURUSD

A wave 4 (blue) typically does not exceed the 50% retracement. A wave 4 and 5 (blue) could complete a wave 3 (orange).

4 hour EURUSD:

Yesterday’s drop in the EURUSD has been labeled as an ABC (light blue) correction of a WXY (green) for wave 4 (blue). The ABC could also become a 12345 if price goes below the trend line (blue).

60 min EURUSD:

GBPUSD

A wave 3 (magenta) decline has been completed and price could now retrace for a wave 4 (magenta). The usually turning spot for a wave 4 is the 38.2% Fibonacci retracement level.

4 hour GBPUSD:

A contracting wedge (blue lines) has been built at the top of the down trend channel. If price goes above it the likely resistance spot is the 38.2% Fibonacci retracement level.

60 min GBPUSD:

USDJPY

The trend lines help with identifying whether the price bounces or breaks at support and resistance zones.

60 min USDJPY:

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[Admiral Markets]

Daily Wave Analysis for 7 August 2014

EURUSD

The EUR has an interest rate announcement today. A cross of price above the red line would invalidate the wave 4 (orange) count.

4 hour EURUSD:

Yesterday’s drop in the EURUSD could have been wave 5 (magenta).

60 min EURUSD:

GBPUSD

The GBP has an interest rate announcement today.

4 hour GBPUSD:

A breakout (green arrow) could occur below support (green trend line). A break above the resistance (blue line) could mean an expansion of the wave 4 (magenta).

60 min GBPUSD:

USDJPY

A wave X (dark red) usually bounces at the 61.8% and 100% Fibonacci targets.

60 min USDJPY:

“Original analysis is provided by Admiral Markets”