Daily Wave Analysis By Admiral Markets
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  1. #1
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    Default Daily Wave Analysis By Admiral Markets

    USD/JPY Reverse and Bounce at 124.50 Resistance Top

    EUR/USD

    4 hour

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    The EUR/USD is re-testing the weekly bottom (green) which could provide support for a 2nd rally / bounce.

    1 hour

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    The EUR/USD reached a confluence of Fibonacci target and retracement levels, which could provide support for a bullish retracement or rally. Typically a wave C does not extend past the 161.8% Fib level so a break below the wave C (blue) bottom could change the wave count.

    GBP/USD

    4 hour

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    The GBP/USD price action remains relatively choppy with the wedge trend lines narrowing in resistance (red) and support (green).

    1 hour

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    The ABC zigzag (magenta) could complete at the Fibonacci targets and retracement levels of wave C and wave X. There is also an ascending wedge pattern (flat top, rising bottom) visible when taking the trend line support (green) and resistance (red) into account. A bullish breakout could indicate the start of the wave Y (green).

    USD/JPY

    4 hour

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    The USD/JPY failed to break above the top (red) which means that the price movement could be part of a wave X (lavender) of a bigger WXY correction within wave B (brown).

    1 hour

    The USD/JPY is approaching support trend levels (green), which will provide information about a potential bounce or break.

  2. #2
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    Default Major Currency Pairs Linger in Wedge Chart Patterns

    EUR/USD

    4 hour

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    The EUR/USD is in a middle of a wedge formation (trend lines green and brown). The most recent momentum was bullish and could therefore suggest a bullish wave count.

    1 hour

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    The EUR/USD is building a slow bearish correction which resembles a falling wedge chart pattern (light orange and green trend lines).

    GBP/USD

    4 hour

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    The GBP/USD failed to break the resistance (red) yesterday which competed the wave W (orange). The Fibonacci levels of wave X (orange) and trend lines (green) are potential support levels.

    1 hour

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    The GBP/USD broke below the support trend line (green) and could build a bigger zigzag correction within wave X (orange).

    USD/JPY

    4 hour

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    The USD/JPY is showing a rising wedge chart pattern, which is indicated by the support (green) and resistance (red) trend lines. A bearish break could price fall towards the wave C (purple) targets whereas a bullish break above the top (brown) would indicate an uptrend continuation and necessitate a wave count change.

    1 hour

    Price action has been behaving choppily within the tight wedge which is common for a wave B (purple) structure.

  3. #3
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    Default EUR/USD’s Bearish Channel Faces 50% Fibonacci Support

    EUR/USD

    4 hour

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    The EUR/USD currently shows a bullish wave count with a potential WXY (purple). The invalidation level is the bottom of the triangle (green). Today’s FOMC statement could have a major impact on the US Dollar.

    1 hour

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    A break above the resistance trend line (orange) could confirm the completion of wave X (purple).

    GBP/USD

    4 hour

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    Today’s FOMC statement could have a major impact on the US Dollar.

    1 hour

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    The GBP/USD news release sent the GBP/USD higher, which has been labeled a wave A (magenta) due its momentum.

    USD/JPY

    4 hour


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    Today’s FOMC statement could have a major impact on the US Dollar.

    1 hour

    Price action was very impulsive during the wave A (purple) and the subsequent triangle is for the moment marked as wave B (purple) triangle unless price manages to break above the top.

  4. #4
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    Default EUR/USD Long-term Resistance at 38.2% Fib Wave 4

    EUR/USD

    4 hour

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    The EUR/USD momentum burst has moved price up to the long-term 38.2% Fibonacci retracement level of wave 4 (blue). A bearish turn around for a blue wave 5 could potentially occur anywhere between 1.17 and 1.18, which is a strong resistance zone.

    1 hour

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    The strong momentum could indicate the potential for one more bullish push to complete wave 5 (light blue), which could turn out to be truncated (unable to break the top) due to the wave 4 (blue) resistance.

    GBP/USD

    4 hour

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    The GBP/USD showed a bearish retracement after hitting the 61.8% Fibonacci level. A bullish continuation could indicate the potential for price to move up to the 100% Fibonacci target.

    1 hour

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    The GBP/USD made a deep retracement back to the 78.6% Fibonacci level and bottom of the uptrend channel (green).

    USD/JPY

    4 hour

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    The USD/JPY’s bearishness could be part of a larger ABC correction. For the moment the wave count is favoring a wave 3 (purple) within a wave 3 (brown), which later on could complete a bigger wave A (not on the chart yet).

    1 hour

    Original material is provided by Admiral Markets

  5. #5
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    Default Wave Count after GBP/USD Plunge below Support

    EUR/USD

    4 hour

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    The EUR/USD bullish run has respected the long-term 38.2% Fibonacci retracement level of wave 4 (blue). The wave 5 could therefore turn out to be relatively choppy price movement as price retests a strong resistance zone.

    1 hour

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    A deeper bearish retracement than the current 61.8% level might need to lead a change of the current wave count. The current wave count is expecting one more push up for wave 5 (light blue) due to the strong bullish momentum marked as wave 3 (light blue).

    GBP/USD

    4 hour

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    The GBP/USD showed very strong bearish momentum yesterday when breaking below the support trend line (dotted green). The momentum is even challenging the next support trend line (light green). Due to strong impulsiveness the wave count has marked many wave Y's as completed with the exception of the largest wave Y (purple). That wave will only be considered finished when price is able to break below the trend line and horizontal support (dark green).

    1 hour

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    The strong bearish momentum is indicating the likelihood of a wave 3 (pink) followed by a wave 4 (pink) retracement.

    USD/JPY

    4 hour

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    The USD/JPY's showed bearish momentum earlier this week, which is most likely explained by wave 3 (purple). For the moment the wave count is indicating that the current retracement could be a wave 4 (purple) after which price can fall for a wave 5.

    1 hour

    The USD/JPY is building an expanded wave 4 (purple) via a WXY correction (blue).

    Original material is provided by Admiral Markets

  6. #6
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    Default US Dollar Turns Around for ABC Zigzag

    EUR/USD

    4 hour

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    The EUR/USD bearish movement has retraced very deep which therefore favors a completed wave 5 (blue) of wave C (green) of Y (brown). Price could still expand the bullish price action after completing a potential ABC (green) zigzag pattern.

    1 hour

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    Due to the weaker angle of price action in the 3rd leg of price movement, the bearish 3 wave pattern resembles an ABC more than a 123 pattern.

    GBP/USD

    4 hour

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    The GBP/USD broke both support trend lines (green) with a 5 wave bearish pattern (orange), which indicates that an ABC correction is now likely. A break below the bottom (green) would signal the completion of the wave Y (purple).

    1 hour

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    Yesterday price completed a wave 4 (orange) at the 23.6% Fibonacci retracement level and made one more fall for wave 5. An ABC correction is the most likely scenario at the moment. If price does push below support then a wave extension is most likely taking place.

    USD/JPY

    4 hour

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    The USD/JPY’s wave count is indicating that the current retracement could be a wave 4 (purple). A deeper retracement than the 61.8% could require a wave count change.

    1 hour

    Original material is provided by Admiral Markets

  7. #7
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    Default EUR/USD Rebounds and Breaks Resistance for ABC Rally

    EUR/USD

    4 hour

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    The EUR/USD has bounced at the support trend line (green). The bullish bounce has strong resistance levels above it and a break of the top and the 38.2% Fib at 1.17 is not expected.

    1 hour

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    The EUR/USD did indeed show a bullish bounce at the bottom (wave B) and is now rallying as part of an ABC correction (purple).

    GBP/USD

    4 hour

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    The GBP/USD bounced off the horizontal support level (green) for the 2nd time which most likely created a double bottom. Once a 5 wave impulse is completed then the typical correction will occur via an ABC.

    1 hour

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    A break of the resistance trend line (red) could indicate the potential for wave C (magenta) to rally higher.

    USD/JPY

    4 hour

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    The USD/JPY moved back to the moving averages and now broke below the support trend line (dotted green) which could indicate the potential start of wave 5 (purple).

    1 hour

    The bearish price action is either an impulsive wave (123) as indicated in the image or alternatively an expansion of the bullish correction. A breakout above resistance (orange) would indicate the need to change the wave structure from a wave 4 to a corrective wave W or wave X.

    The full article is provided on Admiral Markets

  8. #8
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    Default Trend Lines Offer Decision Spots in FX Market

    EUR/USD

    4 hour

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    The EUR/USD has bounced at the support trend line (green) but the rebound has been relatively slow which has created a triangle. A break above resistance (red) or below support (green) could trigger more momentum.

    1 hour

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    The EUR/USD completed an ABC rally (purple) after breaking above resistance (orange). After that it made a deep pullback which probably belongs to a bigger bullish correction like a wave X retracement (purple).

    GBP/USD

    4 hour

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    The GBP/USD price action is captured by a neat downtrend channel but it has reached the 61.8% Fibonacci target of wave 5 (orange). A break above resistance (orange) or below support (green) could trigger more momentum.

    1 hour

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    Divergence is still present with the recent break of the bottom (purple).

    USD/JPY

    4 hour

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    The USD/JPY had a strong bullish rebound which increases the chance of wave 5 (dark red) failing to break the bottom - especially when one considers the big wick on the bottom of the last week’s weekly candle.

    1 hour

    A break of the resistance (orange) indicates that a wave (blue) is invalidated. The alternative is a corrective wave pattern or a truncated wave 5 (failure to break the bottom).

    The full article is provided on Admiral Markets

  9. #9
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    Default Bounce or Break at EUR/USD’s Support Trend Line

    EUR/USD

    4 hour

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    The EUR/USD has retraced back to the long-term support trend line (green). This could be a hook back for another bullish bounce as indicated in the current wave count. A break of the support trend line would indicate a potential bearish breakout and change the wave structure.

    1 hour

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    The EUR/USD is in a triangle chart pattern with resistance (red/orange) and support (green) marking the break zones. A bearish break would invalidate the current WX (purple) wave count.

    GBP/USD

    4 hour

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    The GBP/USD pushed lower yesterday but the oscillator has made a clear turn and is retracing back to the middle point, which means that the currency pair is in retracement territory.

    1 hour

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    The GBP/USD is still moving to lower levels in the neat downtrend channel. However, a correction back to the top of the channel or long-term moving average is a decent possibility with the presence of double divergence and a small opposite momentum (wave A - magenta).

    USD/JPY

    4 hour

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    The USD/JPY seems to have completed 5 waves for a truncated wave 5 (purple) due to the failure to break the bottom of wave 3.

    1 hour

    The USD/JPY seems to be building an ABC correction (purple).

    The full article is available in Admiral Markets

  10. #10
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    Default Support & Resistance Trend Lines Offer Decision Spots

    EUR/USD

    4 hour

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    The EUR/USD bounced at the bottom of the triangle support (green) and rallied to test the triangle resistance (red) as mentioned in yesterday’s live strategy webinar at Admiral Markets (click here to join next week).

    1 hour

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    The EUR/USD bullish momentum could be part of a bigger ABC zigzag (purple). Using a Fibonacci tool in the middle of a triangle however always remains risky and price could easily retest the bottom of the triangle yet again. A bullish break above resistance (red) could see price retrace deeper versus wave 2 (green) whereas a bearish break of support (green) could see price start wave 3 (green) or C.

    GBP/USD

    4 hour

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    The GBPUSD bullish price action pushed well above the bearish trend channel. Due to the impulsive nature of the price movement the swing has been labeled as a wave 3 (pink).

    1 hour

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    The GBP/USD went sideways yesterday which is a typical behavioral pattern for a wave v (pink). A break below the 50% Fibonacci retracement level would make the count unlikely. A break above the bull flag pattern (dark red trend lines) indicates the potential for the start of wave 5 (pink).

    USD/JPY

    4 hour

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    The USDJPY retested the resistance trend line (red) and long-term moving average (dotted purple). The bullish momentum could be strong enough to label the upside as a wave A (purple) with the anticipation of wave B and C (purple).

    1 hour

    On a lower time frame price has already bounced at the 50% Fibonacci retracement level, which could be a bouncing spot for the wave C (purple). Yesterday price action completed a strong wave 5 (blue).

    The full article is available on Admiral Markets

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