Daily Wave Analysis By Admiral Markets - Page 18
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  1. #171
    JoshDavis is offline Verified Broker Support for Admiral Markets Senior Member
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    Jul 2013
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    EUR/USD Loses Steam with Conclusion Wave-3 and Start Wave-4

    EUR/USD

    1 hour
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    The EUR/USD bullish momentum of wave 3 (purple) ran out of steam yesterday and started a wave 4 (purple) correction. Price has in the meantime retraced back to the Fibonacci levels of wave 4 which could as potential support and bounce levels.

    4 hour

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    The EUR/USD could be retracing towards the 88.6% Fibonacci level of wave 2 (green) via an ABC zigzag (blue).

    USD/JPY

    4 hour

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    The USD/JPY indeed bounced at the golden ratio Fib of 61.8% level. Whether the wave C (brown) is still open or has been completed remains to be seen. Lower Fibonacci levels however also remain potential support spots.

    1 hour
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    The USD/JPY completed the wave 3 (orange) and has made a significant retracement back to the 38.2% Fib of wave 4 (orange) which could act as resistance. A break above the 61.8% Fib makes a wave 4 unlikely.

    GBP/USD

    4 hour
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    The GBP/USD made one more push higher to test the top (red) of the bullish channel (green/red), which in turn created a strong bearish reaction. Whether price will build a wave 1-2 (grey) depends on whether price is able to break below the channel. A break above the 100% level indicates the invalidation of wave 2 and the potential for an uptrend continuation.

    1 hour

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    The GBP/USD broke above the resistance (dotted orange), made one more push up as part of wave 5 (purple), and then reversed an broke below support (dotted blue).

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  2. #172
    JoshDavis is offline Verified Broker Support for Admiral Markets Senior Member
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    USD/JPY Triangle Pattern Visible at 110 and 61.8% Golden Ratio

    USD/JPY

    4 hour

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    The USD/JPY bounced at the golden ratio Fib of 61.8% level and it seems likely that the wave C (brown) has been completed once price breaks above the smaller resistance trend line (orange). A break above or below the small contracting triangle chart pattern (green/orange) could play a key role in a push towards the 78.6% Fib or next resistance (red).

    1 hour

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    The USD/JPY could however first build a wave 4 (orange) correction and a wave 5 (orange) continuation before completing wave C (brown).

    EUR/USD

    4 hour

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    The EUR/USD indeed started and completed a wave 4 (purple) correction as expected last week. Price is now developing a bullish continuation within wave 5 (purple), which could complete a wave C (blue). A break above 1.13 invalidates the wave 2 (green) correction.

    1 hour
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    The EUR/USD bounced at the Fibonacci levels of wave 4 (purple) and then broke above the resistance trend line (dotted red). A new 5 wave (pink) formation is most likely occurring within wave 5 (purple). The current pause could be a wave 4 (pink) as long as price stays above 61.8% Fib of wave 4.

    GBP/USD

    4 hour
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    The GBP/USD could be building a wave 1-2 (grey) but this depends on whether price is able to break below the channel. A break above the 100% level indicates the invalidation of wave 2 and the potential for an uptrend continuation.

    1 hour

    The GBP/USD break above the resistance (red) invalidates wave 2 (grey) whereas a break below the support (blue) could indicate a bearish breakout.

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  3. #173
    JoshDavis is offline Verified Broker Support for Admiral Markets Senior Member
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    Jul 2013
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    GBP/USD Completes Reversal Pattern at 1.30 Resistance

    GBP/USD

    4 hour

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    The GBP/USD broke the support trend line (dotted green) of the bullish channel, which could indicate a potential bearish reversal or correction. The Cable was unable to break above the 1.30 psychological round level.

    1 hour

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    The GBP/USD showed a lengthy consolidation zone but broke below several key support levels (dotted lines). This bearish break could start a wave 3 (orange) which would become more likely if price managed to reach 1.2825. A wave could emerge once the wave 3 is confirmed and completed.

    EUR/USD

    4 hour

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    The EUR/USD failed to break above the 1.1250 resistance zone so far which is a major decision zone for either a bullish breakout or a bearish reversal. The critical level is the 100% Fibonacci at 1.1268: a break above this resistance top invalidates wave 2 (blue) whereas a break above 1.13 invalidates another bearish wave 2 (green). A bearish reversal, however, could see price break below support (blue).

    1 hour

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    The EUR/USD respected and turn at the 78.6% Fibonacci resistance. Price will now need to show new direction by breaking support (blue) or resistance (orange).

    USD/JPY

    4 hour

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    The USD/JPY is unable to break above the -27.2% Fibonacci target and could be building a bearish break (dotted blue) instead. Price will need to break below the support fractal (green) before a larger push could occur.

    1 hour

    The USD/JPY is could be in wave 3 (purple) if price manages to reach the 161.8% Fibonacci target.

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