Daily Wave Analysis By Admiral Markets

USD Decision Zone to Reveal Bullish or Bearish Trend

USD/JPY

4 hour


The USD/JPY seems to have completed a bullish 5 wave (brown) pattern as part of a wave 1 (blue). Price could now be retracing back to the Fibonacci levels of wave 2 vs 1. A break below the 100% level invalidates this wave structure. A breakout above resistance (red) could confirm and start the wave 3 (blue).

1 hour


The USD/JPY is probably building a bearish ABC zigzag (brown) correction within wave 2 (blue). Price could bounce at the Fibonacci levels of wave B vs A (brown) price could move lower within wave 2 (blue). A break above the 100% level of wave B vs A invalidates wave B (brown) and below 100% of wave 2 vs 1 invalidates wave 2 (blue).

EUR/USD

4 hour


The EUR/USD retraced back to the Fibonacci levels of wave X (blue) as price builds a WXY correction within a larger wave 2 (puple). The Fibonacci levels of wave 2 (purple) could therefore act as resistance. A break above the 100% level of wave 2 vs 1 invalidates the wave 1-2 (purple).

1 hour


The EUR/USD showed a bearish bounce and price fell back to the 50% Fibonacci support level. Price will either break above resistance trend line (red) or retrace to deeper Fib levels of wave X vs W.

GBP/USD

4 hour


The GBP/USD is in between multiple support and resistance trend lines. At this moment price is close the support trend line (blue) which could be used as a bouncing spot within wave 2-3 (orange) and a larger wave C (blue).

1 hour

The GBP/USD seems to have built a bearish ABC zigzag (grey) towards the Fibonacci levels of wave 2 (purple). A break below the 100% Fib level of wave 2 vs 1 (purple) invalidates the wave structure. A bullish breakout above resistance (red) could see price move towards the Fibonacci targets of wave 3 vs 1 (orange).

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GBP/USD Bullish Pullback to 1.2325 within Bearish Momentum

GBP/USD

4 hour


The GBP/USD continues with its bearish breakout which could be part of a wave 3 (blue). Price is at the 100% Fibonacci of wave 3 vs 1 (blue) but it would need to reach the 161.8% Fib target before a wave 3 (blue) becomes more likely.

1 hour


The GBP/USD is showing bearish price action but a minor pullback could occur. If price does bounce then a bullish retracement could reverse at one of the resistance levels (orange). A break, however, above 1.2350 could indicate bearish weakness. A bearish bounce at 1.2275-1.23-1.2325-1.2350 zone could indicate a wave 4-5 (pink) within wave 3 (orange).

EUR/USD

4 hour


The EUR/USD needs to break below the previous bottom (green line) to return back in a downtrend (waves 3) and complete the wave 2 (purple). If price breaks above resistance (orange) then price could extend that wave 2.

1 hour


The EUR/USD indeed failed to break below the support (green) and completed a bearish ABC (orange). Price could build another bullish ABC zigzag (blue) if price manages to break above the closest resistance (orange). A break below the support line (green) restarts the downtrend.

USD/JPY

4 hour


The USD/JPY still remains in wave 1-2 (blue) unless price breaks below above support (blue) which is the invalidation level. A break above the resistance level (red line) could continue with a wave 3 (blue).

1 hour

The USD/JPY could bounce at resistance first before breaking above it, which could lead to another wave 1-2 (brown) structure within wave wave 3 (blue).

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GBP/USD Bounces at Channel Bottom and Retraces in Wave-4

GBP/USD

4 hour


The GBP/USD bearish channel is neatly indicated by the trend lines (red). Price bounced at the bottom of the channel and is now approaching the top of the channel which typically acts as resistance. A bearish bounce could see price fall towards the Fibonacci levels of waves 3 (green) whereas a bullish breakout could see price challenge the Fibonacci of wave 4 vs 3. A break above the 61.8% Fib invalidates the wave 4 (blue).

1 hour


The GBP/USD retracement is in a wave 4 (blue) which typically retraces back to the 23.6% - 38.2% - 50% Fibonacci zone. A break above the 61.8% Fibonacci level invalidates this wave 4 (blue). A break below the support trend line (green) could see price continue with wave 5 (blue) within wave 3 (green) of the 4 hour chart.

EUR/USD

4 hour


The EUR/USD indeed bounced at the support trend line (green) and is now retesting resistance (red) within wave 2 (purple). A break above resistance could see price move higher to test the Fibonacci levels of wave 2 (purple) but a push above the 100% level invalidates the wave structure. A bearish bounce and break below support (green) could see the downtrend continue within potential waves (brown/green).

1 hour


The EUR/USD seems to have completed a bullish ABC (blue) zigzag at the 100% Fibonacci target of wave C vs A.

USD/JPY

4 hour


The USD/JPY is testing the resistance level (red line) and a break above it could see the USD/JPY continue with a wave 3 (blue) towards the Fibonacci targets.

1 hour

The USD/JPY could use the strong resistance (red) to bounce and build an ABC (orange) within wave 2 (brown) and retrace back to the Fibonacci levels of wave 2 vs 1 (brown).

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USD/JPY Completes ABC Zigzag at 50% Fibonacci

USD/JPY

4 hour


The USD/JPY seems to be retracing within a wave 2 (brown) back to the Fibonacci levels which could act as support. The wave 1-2 (brown) structure is invalidated once price breaks below the bottom (blue).

1 hour


The USD/JPY is building an ABC (orange) within wave 2 (brown) and could retrace back to the Fibonacci levels of wave 2 vs 1 (brown).

EUR/USD

4 hour


The EUR/USD remains between a support (green) and resistance trend line (red), which mark the borders of the corrective zone. A break above resistance (red) could see price move higher to test the Fibonacci levels of wave 2 (purple) but a push above the 100% level invalidates the wave structure. A break below support (green) could see the downtrend continue within waves 3 (red/green).

1 hour


The EUR/USD is moving lower in a choppy and corrective way, which makes it likely that price is retracing within a wave B (blue). The invalidation spot of this wave B (blue) is the bottom (green)

GBP/USD

4 hour


The GBP/USD continued with the downtrend yesterday and posted a new lower low. Price remains in a bearish trend as long as it stays in the channel and below resistance (red/orange).

1 hour

The GBP/USD break below the support trend line (blue) could see price continue with wave 5 (blue) of wave 3 (green). A break above the inner resistance line (light orange) could see price expand the wave 4 (orange). A break above the 61.8% Fibonacci level would make a wave 4 (orange) unlikely.

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GBP/USD Bearish Channel Aims for 1.20

GBP/USD

4 hour


The GBP/USD remains in a downtrend as long as price stays in the bearish channel (red lines). Price is moving towards the Fibonacci targets of wave 5 and wave 3. A bearish continuation could see price move towards 1.20 which is a psychological round level, previous bottom (green) and 161.8% Fibonacci target.

1 hour


The GBP/USD break below the support trend line (blue) could see price continue with wave 5 (pink) of wave 3 (green). A break above the resistance line (red) would most likely not change the downtrend as long as price stays below horizontal resistance levels (orange).

EUR/USD

4 hour


The EUR/USD is in a consolidation zone which is indicated by support (green) and resistance (red). A break above resistance (red) could see price move higher to test the Fibonacci levels of wave 2 (purple) but a push above the 100% level invalidates the wave structure. A break below support (green) could see the downtrend continue within waves 3 (red/green).

1 hour


The EUR/USD is in a bearish yet corrective channel (orange/green lines) which has reached the 78.6% Fibonacci level of wave B (blue). The invalidation level of wave B (blue) is a break below the bottom (green). A break above the resistance of the bearish channel (orange) could see price move up in a wave C (blue).

USD/JPY

4 hour

The USD/JPY has completed the wave 2 (brown) retracement if price manages to break above the top (red). A failure to break could lead to an expanded wave 2 correction (brown).

1 hour

The USD/JPY is building a potential bullish 5 wave pattern (orange) if price manages to break above the resistance trend lines (red).

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EUR/USD, USD/JPY Pullback to 78.6% Fib at 1.0750 and 112.50

USD/JPY

4 hour


The USD/JPY is building a potential pull back and the 78.6% Fibonacci retracement level could be a support level. A break below the 100% Fibonacci level invalidates wave 2 (blue/brown).

1 hour


The USD/JPY could be in a wave 5 (pink) of wave C (orange).

EUR/USD

4 hour


The EUR/USD is testing the 78.6% Fibonacci resistance level of wave 2 (purple). A potential break above the 100% level invalidates the current wave 1-2 (purple) structure. A break below support (green/blue) confirms a new downtrend within waves 3 (brown/green).

1 hour


The EUR/USD is potentially building a hook back within a wave 1-2 (blue) but a break above the 100% Fibonacci level invalidates the wave structure.

GBP/USD

4 hour


The GBP/USD broke above the resistance trend line (dotted orange) which makes a continuation of the correction within a larger ABCDE (green) triangle more likely.

1 hour

The GBP/USD is building a rising wedge chart pattern (green/red) within wave E. A bullish break could see price test the 61.8% Fibonacci level. A bearish break below support (green) could see price challenge the MA (dotted purple)

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USD/JPY

4 hour


The USD/JPY is probably continuing with an ABC zigzag (brown) towards the 50% Fibonacci support

level of wave 4 vs 3 (purple). Currently price action is building a sideways zone, which is indicated by

the trend lines: support (green) at 110 and resistance (orange) at 112.

1 hour


The USD/JPY is in a neat downtrend channel (orange/blue) that is testing a larger support (green)

trend line. A break of that support zone could see price move lower towards the Fib targets whereas

a break above resistance (orange/red) could indicate that wave 5 (orange) has been completed.

EUR/USD

4 hour


The EUR/USD could have completed the 5 th wave (orange) within wave 1 (green) when considering

the strong bullish 4 hour candle. A break below the 1.0570 bottom could see price continue towards

the Fibonacci targets of wave 5 (orange).

1 hour


The EUR/USD 1 hourly chart is confirming the potential bullish reversal. Price seems to have

completed 5 waves (pink) and has broken above resistance (dotted orange). Price could now be

building a wave 1 – 2 (pink).

GBP/USD

4 hour

The GBP/USD could have completed an ABC (pink) zigzag correction within wave Y (orange) of wave X

(blue). A bullish bounce could sent the pair higher to test resistance of the wave E (green) triangle.

1 hour

The GBP/USD is probably building an ABC zigzag (green) but technically it could still be a wave 4

(purple) too, as long as price stays below the 61.8% Fibonacci level of wave 4 vs 3 (purple).

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USD/JPY Breaks 110 Round Level and Arrives at Critical 50% Fib

USD/JPY

4 hour


The USD/JPY broke below the support trendline (dotted green) and has now reached the 50% Fibonacci support level of wave 4 vs 3 (purple). This is an important decision zone because a bullish bounce would confirm the current wave 4 (purple) structure, whereas a bearish break below the 50% Fibonacci level would make a continuation towards the 61.8% Fibonacci retracement likely (plus a new wave structure).

1 hour


The USD/JPY is building a 5 wave structure (purple) within wave 5 (orange) of wave C (brown). The 5th wave (purple) is slowing down its pace and moving lower in a small channel (orange/green lines).

EUR/USD

4 hour


The EUR/USD is pausing and moving sideways which could indicate that the 5th wave (orange) of wave 1 (green) has been completed. A break above the resistance trendline (red) could spark a retracement within wave 2 (green).

1 hour


The EUR/USD did not build a 5 wave structure but rather an ABC (pink). This is probably part of a larger WXY (orange) correction, which is why the Fibonacci levels of wave X (orange) and the support trendline (blue) could provide bouncing spots.

GBP/USD

4 hour


The GBP/USD broke above the resistance trendline (red), which confirms the completion of wave X (blue) and the start of wave Y (blue). Price could now be heading higher to test larger resistance levels (brown/red), but a break above the previous top of the triangle (red line) would invalidate wave E (green).

1 hour

The GBP/USD is probably building an ABC zigzag (orange). Within wave C (orange), there could be a 5-wave pattern (pink). The wave 4 (pink) becomes invalidated if price breaks below the top of wave 1 (green line).

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EUR/USD Bearish Divergence Creates Bullish Break above 1.06

EUR/USD

4 hour


The EUR/USD is finally breaking above the resistance trendline (dotted red) after having built divergence between the bottoms (purple line). This bullish breakout could spark a retracement within wave 2 vs 1 (green).

1 hour


The EUR/USD built a corrective ABC (pink) zigzag as expected to the Fibonacci levels of wave X (orange). Price turned at the 61.8% Fibonacci support level and then broke above the mini trendline (dotted orange). Price is now probably heading towards 1.07, which is the 38.2% Fib of wave 2 vs 1 on the 4 hour chart.

GBP/USD

4 hour


The GBP/USD bullish breakout is still pushing to higher levels within a wave Y (blue), but the price is approaching larger resistance levels (brown/red). This decision zone could see a bearish bounce and turn, whereas a break above the previous top of the triangle (red line) would invalidate wave E (green).

1 hour


The GBP/USD is probably building another 5 wave pattern (purple) within wave 5 (pink). The wave 4 (purple) is invalidated if the price manages to retrace deeper than the top of wave 1 (green line).

USD/JPY

4 hour


The USD/JPY bearish breakout is so far not showing any signs of slowing down, despite the fact that price is near a 50% Fibonacci level of wave 4 (purple). A strong push below 109 would make a continuation towards the 61.8% Fibonacci retracement likely (plus a new wave structure).

1 hour

The USD/JPY could soon show divergence between the two bottom, which is typical for a wave 3 and 5 wave structure (purple). Price has also reached the bottom of the channel (green line), which could act as a support level. A bullish bounce above 108.50 could still be considered a reaction to the 50% Fibonacci level of wave 4 vs 3.

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GBP/USD Final Pieces of Contracting Triangle Built around 1.25

GBP/USD

4 hour


The GBP/USD bearish bounce at resistance (brown) confirmed wave W (orange) and price has retraced back to the 38.2% Fibonacci support level of wave W vs X (orange). Price is moving between support (blue) and resistance (brown) and could be close to completing a chart triangle indicated by wave E (green).

1 hour


The GBP/USD could extend the wave X (orange) with a new ABC (pink) zigzag that could take price back down to the support trend line (blue). Price would need to break below the bear flag to confirm the correction (orange lines).

EUR/USD

4 hour


The EUR/USD is challenging the bullish support trend line (blue). A bounce at this level plus break above the smaller resistance line (red) could see a larger retracement within wave 2 vs 1 (green).

1 hour


The EUR/USD completed a wave Y (pink) correction, which in turn could lead to a larger WXY (orange) within wave 2 (green). The wave X (orange) stays valid as long as price stays above the 138.2% Fibonacci level of wave X vs W.

USD/JPY

4 hour


The USD/JPY made a bearish breakout below 108.50 which makes it more likely that price is in a wave B (green). A wave 3 (orange) bearish momentum seems to be taking place as price reaches the 161.8% Fibonacci target. Once the wave 3 has been completed and the potential wave 4 starts, price cannot retrace above the bottom of wave 1 (red line) without invalidating it.

1 hour


The USD/JPY broke the bear flag (dotted green) chart pattern and seems to be building a wave 5 (purple) within wave 3 (orange).

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GBP/USD Retracement Returns to 38.2% Fibonacci at 1.2750

GBP/USD

4 hour


The Members of the British Parliament have approved the Prime Minister’s plan yesterday to organise an early general election on June 8. The vast majority of the Parliament Members approved the motion (522 out of 650) clearing the bar of the two-thirds needed for accepting the plan.

The election news did not impact the GBP/USD as much as it did on Tuesday. The Cable currency moved sideways which is forming a bull flag chart pattern (green/red lines) in the meantime. Price is testing the 61.8% Fibonacci level of wave 4 (purple) and could show one more higher high if it breaks above the bull flag.

1 hour


The GBP/USD retracement has reached the 38.2% Fibonacci retracement level at 1.2750 which could act as a bounce zone if price is indeed in a wave 4 (purple) correction. A break below the 61.8% Fibonacci level makes a wave 4 invalid. A break above the bull flag could see a wave 5 (purple) develop.

EUR/USD

4 hour


The EUR/USD has paused at the 50% Fibonacci retracement level of wave 2 (brown) but a continuation breakout could see price challenge higher Fibonacci levels.

1 hour


The EUR/USD has retraced to the 38.2% Fibonacci level of wave 4 (pink). A break below the 61.8% Fib invalidates the wave 4 (pink) but otherwise a wave 5 (pink) within wave C (purple) is likely to develop.

USD/JPY

4 hour


The USD/JPY is building a potential wave 4 correction (orange), which would become invalid if price retraced above the bottom of wave 1 (red line). A break below the support level (blue) could indicate a bearish breakout and completion of wave 4 (orange).

1 hour


The USD/JPY could be building an ABC (purple) zigzag correction towards the Fibonacci levels of wave 4 (orange) where a break above the resistance level (red) could spark a wave C (purple).

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USD/JPY Bullish Breakout above Bull Flag Pattern at 110

USD/JPY
4 hour


Yesterday the USD/JPY broke as expected above the 110 resistance (dotted red) of the bull flag chart pattern. Price has continued with its bullish extension in wave 3 (brown) and has now arrived at the 261.8% Fibonacci target which could create a potential retracement.

1 hour


The USD/JPY breakout above resistance (dotted red) has reached a main Fibonacci target and is therefore at a bounce or break spot.

EUR/USD
4 hour


The EUR/USD broke above the resistance trend line (dotted red) and has hit the first target at 1.0950. The second target is the psychological round level of 1.10. A break above that could see the EUR/USD extend towards the 78.6% Fibonacci level of wave 2 (green).

1 hour


The EUR/USD bullish breakout confirmed that the expected wave 4 and 5 (pink) were correct. Price is now stopping at 1.0950 but a new breakout above the trend lines (dark red) could see price challenge 1.10, which is a new resistance level and a bounce or break spot. Bears could probably better wait for price to break below the support trend line (blue).

GBP/USD

4 hour


The GBP/USD bull flag chart pattern (red/blue lines) remains intact as long as price stays in between those levels. A break above resistance (red) could see price challenge the next Fibonacci level whereas a break below support (blue) could find a bounce at 1.27 support.

1 hour


The GBP/USD has respected the 38.2% Fibonacci retracement level but a break below the 61.8% Fibonacci level invalidates wave 4 (purple). A break above the bull flag (red) could see a wave 5 (purple) develop.

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GBP/USD Triangle Chart Pattern Emerges around 1.29

GBP/USD

4 hour


The GBP/USD is building a contracting triangle chart pattern within a trend channel (red/green) which is taking place in wave C (orange). A bounce at the support trend line (green) could see price continue towards the Fibonacci targets of wave 5 (purple) whereas a break below support (green) could see price correct back to the previous support (blue).

1 hour


The GBP/USD has retraced back to the 50% Fibonacci level of wave 4 (pink), which could be confirmed if price breaks above resistance (red) and invalidated if price breaks below the 61.8% Fibonacci level.

EUR/USD

4 hour


The EUR/USD is in a consolidation pattern which is best indicated by the support (blue) and resistance (red) trend lines. A bullish break above resistance (red) would indicate a potential uptrend continuation towards the 78.6% Fibonacci level of wave 2 (green) whereas a bearish break could start a reversal and indicate the completion of the ABC zigzag (purple).

1 hour


The EUR/USD reversal or retracement pattern is invalidated if price manages to break above the resistance trend lines (red/orange). A larger reversal or correction could take place if price breaks below the support trend lines (blue).

USD/JPY

4 hour


The USD/JPY has completed the wave 4 (brown) correction at the support trend line (green) and is now continuing towards the Fibonacci targets of wave 5 (brown).

1 hour

The USD/JPY broke the contracting triangle (dotted red) chart pattern and a bullish breakout is developing within a wave 5 (brown). A new resistance level (red) needs to be broken before the wave 5 (brown) can continue.

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GBP/USD Retracement within Bull Flag Chart Pattern

GBP/USD

4 hour


The GBP/USD is building a triangle chart pattern (orange/blue) within the uptrend. A bullish break could see price challenge the 1.30 round level and Fibonacci targets whereas a bearish break could start a larger correction or reversal.

1 hour


The GBP/USD broke the support of the mini-channel (dotted green lines) and made a larger correction back to the previous bottom (blue) which could be a new bounce or break spot. The channel trend lines (orange/blue) are indicating a bull flag chart pattern (blue lines).

EUR/USD

4 hour


The EUR/USD consolidation pattern remains intact. A break below the support (blue) or above the resistance (red) trend lines is needed before the pattern is broken. A bullish break could indicate a potential uptrend continuation towards the 78.6% Fibonacci level of wave 2 (green) whereas a bearish break could start a reversal and indicate the completion of the ABC zigzag (purple).

1 hour


The EUR/USD failed to break above the resistance level (red) yesterday and instead built a wave B (orange) correction within a potential wave 4 (pink). The next targets could the psychological even level at 1.10 and the 61.8% Fib target at 1.1050 if price manages to break resistance (red). The wave 4 (pink) remains valid as long as price stays above the 50% Fibonacci level.

USD/JPY

4 hour


The USD/JPY remains in an uptrend channel (blue/red) and is moving up towards the Fibonacci targets of wave 5 (brown). The channel could break bearishly once the 5th wave (brown) is completed.

1 hour

The USD/JPY is probably still in a 5th wave (orange) of a 5th wave (brown) as long as price stays above the support zone (green/blue).

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EUR/USD Reaches 1.1025 after Macron Wins French Presidency

EUR/USD

4 hour


The French Presidential election took place on Sunday 7 May 2017 and saw centrist independent Macron beat far right candidate Le Pen with 66% vs 34%. The result is unique considering that Macron campaigned without a traditional party and with no experience of governing.

The EUR/USD initially saw a bullish reaction to the news but after hitting 1.1025 the EUR/USD turned around and showed a bearish candlestick. Price however is still moving higher in an uptrend channel (blue/red) and a break is needed before a reversal becomes likely.

1 hour


The EUR/USD could have completed the 5th waves (grey/pink) and is potentially building a reversal wave 1-2 (brown). A break above the top and 100% Fib level at 1.1023 would indicate a potential uptrend continuation towards the Fibonacci targets of wave 5 (pink).

GBP/USD

4 hour


The GBP/USD has been unable to break above the resistance (red) of the uptrend channel (red/green). A bullish break could see price move towards the Fibonacci targets of wave 5 (purple) whereas a bearish break could start a reversal.

1 hour


The GBP/USD seems is building a bearish retracement within a potential wave 4 (grey), which would become invalidated if price manages to break below the 61.8% Fibonacci level of wave 4 (grey).

USD/JPY

4 hour


The USD/JPY uptrend could be facing problems if price is building a double top. A break above the top could see the uptrend continue but a break below support (blue) could start a larger bearish correction towards the Fib levels.

1 hour

The USD/JPY seems to have completed the 5th wave (orange) of a 5th wave (brown) and price could be building an ABC (brown) correction. A break below support (blue) could start a larger bearish correction towards the Fib levels.

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EUR/USD Breaks RW and Builds First Bearish Wave

EUR/USD

4 hour


The EUR/USD broke the support trend line (dotted blue) of the rising wedge (RW) reversal chart pattern (red/blue). The bearish breakout could be part of a larger reversal, which is reflected in the 1-2 wave count (brown). The alternative scenario would be a bearish retracement within a larger uptrend continuation, which at the moment would require a break above the top.

1 hour


The EUR/USD wave 4 (blue) respected the shallow Fibonacci level of 23.6% before breaking support (dotted blue) and price has reached the 61.8% Fibonacci target of wave 5 (blue). Price could either retrace as part of wave 2 on 4 hour chart or break the bottom and continue with 5 (blue).

GBP/USD

4 hour


The GBP/USD is moving higher in an uptrend channel which is indicated by the support (green) and resistance (red) trend lines. A bullish break could see price move towards the Fibonacci targets of wave 5 (purple) whereas a bearish break could start a reversal.

1 hour


The GBP/USD tested the previous top (green) of wave 1 (grey) but did not break and therefore the wave 4 (grey) could still be valid. A break above resistance (orange) could see a bullish break for wave 5 (grey).

USD/JPY

4 hour


The USD/JPY is building an uptrend channel which is indicated by the support (blue) and resistance (red) trend lines and moving towards the Fib targets of wave 5 (brown).

1 hour

The USD/JPY is extending the bullish 5th wave (brown/orange) with another 5 waves (grey). The wave 4 (grey) is invalidated if price breaks below the 61.8% Fibonacci level.

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USD/JPY Bullish Trend Channel to Challenge 115 Resistance

USD/JPY

4 hour


The USD/JPY continues higher in an uptrend channel which is indicated by the support (blue) and resistance (red) trend lines. Price is moving towards the Fib targets of wave 5 (brown). The next bullish target would be 115, which is a major round resistance level.

1 hour


The USD/JPY bounced at the 38.2% Fibonacci support level of wave 4 (grey). A break above resistance (red) could see price challenge the Fibonacci targets of waves 5.

EUR/USD

4 hour


The EUR/USD break of the support trend line (dotted blue) could indicate the start of a bearish 1-2 wave count (brown). Once wave 1 is completed, the EUR/USD could setup a bullish retracement that challenges the Fibonacci resistance levels of wave 2.

1 hour


The EUR/USD is building a bearish channel (green/red) as part of the wave 5 (blue) of wave 1 (brown).

GBP/USD

4 hour


The GBP/USD is trending higher in a bullish channel which is indicated by the support (green) and resistance (red) trend lines. A bullish break could see price move towards the Fibonacci targets of wave 5 (purple) whereas a bearish break could start a reversal.

1 hour

The GBP/USD needs to break above the resistance levels (red/orange) before a continuation is likely. A break below support (green) could start a bearish reversal.

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EUR/USD Setups Downtrend Channel within Bearish Wave 1-2

EUR/USD

4 hour


The EUR/USD is in a mini bearish trend channel which is marked by trend lines (red/green). Once wave 1 is completed, the EUR/USD could start a bullish retracement that challenges the Fibonacci resistance levels of wave 2.

1 hour


The EUR/USD break above or below the bearish channel (green/red) will indicate whether price will continue as part of the wave 5 (blue) of wave 1 (brown) or whether price will potentially retrace within wave 2 (brown).

USD/JPY

4 hour


The USD/JPY is approaching the support trend line (blue) of the uptrend channel (blue/resistance). A bearish break could start a larger bearish correction where as a bullish bounce could extend the 5th wave (brown).

1 hour


The USD/JPY wave count will depend on whether price bounces at or breaks through the support trend line (blue). A bounce could indicate that a wave 4 (grey) is still uncompleted. A break means that wave 4 and 5 (grey) are finished.

GBP/USD

4 hour


The GBP/USD is challenging the support (green) line of the bullish channel (red/green). A bearish break could see a larger retracement or reversal whereas a bullish bounce could see price challenge resistance again.

1 hour

The GBP/USD needs to break above the resistance levels (red/orange) before a continuation is likely. A break below support (blue) could start a bearish reversal and continuation of 5 waves (blue).

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US Dollar Completes Wave 1 and Starts Wave 2 Retracement

EUR/USD

4 hour


The EUR/USD indeed completed wave 1 (brown) as expected last week after breaking above the resistance trend line (dotted orange). Price could now be challenging the potential Fibonacci resistance of wave 2 (brown).

1 hour


The EUR/USD could be building an ABC (blue) zigzag within wave 2 (brown) after it broke above the resistance trend lines (dotted orange).

USD/JPY

4 hour


The USD/JPY broke below the support trend line (dotted blue) of the uptrend channel (blue/resistance), which could indicate the completion of the wave 5 (brown). The bearish break could indicate the start of a larger bearish ABC correction (brown).

1 hour


The USD/JPY is building a bearish trend channel (orange/blue lines) after completing 5 bearish waves (brown). Price could now be retracing with a potential wave B (brown).

GBP/USD

4 hour


The GBP/USD broke below the support line (dotted green), which could indicate a larger retracement or reversal such as a wave 1 (green).

1 hour

The GBP/USD broke above the resistance level (dotted orange) after completing 5 bearish waves (blue). Price could now be building an ABC (blue) zigzag within wave 2 (green).

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EUR/USD Bullish Momentum versus 78.6% of Wave-2

EUR/USD

4 hour


The EUR/USD is challenging the 78.6% Fibonacci level of wave 2 (brown) and the round resistance level of 1.10. A bearish reversal could complete wave 2 (brown) and start a wave 3 whereas as bullish break above the 100% level would invalidate wave 2.

1 hour


The EUR/USD could be building an ABC (blue) zigzag within wave 2 (brown) if price stays below the 100% level.

USD/JPY

4 hour


The USD/JPY is struggling to break above the resistance Fibonacci levels of wave B (brown) because the bearish break below support (dotted blue) could indicate the start of a larger bearish ABC correction (brown).

1 hour


The USD/JPY will need to break below the support trend line (green) before a wave C (brown) continuation becomes more likely. A break above resistance (orange) could see price challenge the 78.6% Fib.

GBP/USD

4 hour


The GBP/USD stopped at the 61.8% Fibonacci level of wave 2 (green). A break below the support trend lines (green) could start a larger bearish correction whereas a break above resistance (orange) could see price testing the 78.6% Fib.

1 hour

The GBP/USD break above the 100% Fib invalidates the wave 2 (green) structure.

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