Daily Wave Analysis By Admiral Markets

Commercial Content Analysts
41

Pullback to Fibonacci levels expected after impulsive USD breakouts

EUR/USD

4 hour

<img src=“https://s10.postimg.org/womubviuh/29_08_2016eu4.png”>

The EUR/USD respected the resistance trend line (red) and broke various support levels (dotted

greens) on Friday. The bearish price action fits within the wave XY (brown) correction of wave D

(green). A bullish bounce at the 50% or 61.8% Fibonacci levels of wave D vs B could complete wave D.

A break below these Fibs could change the wave to a bearish trend.

1 hour

<img src=“https://s14.postimg.org/pef6c1h69/29_08_2016eu1.png”>

The EUR/USD indeed completed a bullish ABC zigzag (blue) at the resistance (red) as indicated in

Friday’s edition. The subsequent bearish turn was accompanied with strong bearish momentum

which has been marked as a wave A (blue). The Fibonacci levels of wave B vs A should act as

resistance within the wave B (blue) retracement.

GBP/USD

4 hour

<img src=“https://s10.postimg.org/pmci6ti9l/29_08_2016gu4.png”>

The GBP/USD bounced at the 78.6% Fibonacci retracement level of wave 2 vs 1 (pink) and the

resistance top (red) of daily downtrend channel (red). A break above this resistance (red) and the

78.6% Fibonacci retracement level indicates that the wave count would change to a larger ABC

correction within wave 4 (blue). A break of support (green) confirms the bearish mode.

1 hour

<img src=“https://s17.postimg.org/z7h69sntb/29_08_2016gu1.png”>

The GBP/USD could be starting a new bearish wave 1-2 (green) but this scenario is invalidated if price

breaks above the 100% Fib.

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42

EUR/USD, GBP/USD face bounce and break spots in fragile triangles

EUR/USD

4 hour

<img src=“https://s14.postimg.org/ubkzf33c1/30_08_2016eu4.png”>

The EUR/USD stopped at the 38.2% Fibonacci retracement level of wave D (green) vs B. Any bearish break below that Fib level could see price extend the bearish breakout below support (dotted green) towards the 50% or 61.8% Fibonacci levels.

1 hour

<img src=“https://s18.postimg.org/ygz741g89/30_08_2016eu1.png”>

The EUR/USD is building a small contracting triangle chart pattern (orange/green). A break below the support line (green) could extend wave A (blue) to a lower spot. A break above the resistance line (orange) could start a wave C (green) correction within wave B (blue) with resistance at the Fibonacci levels of wave B vs A.

GBP/USD

4 hour

<img src=“https://s18.postimg.org/nmpuactzt/30_08_2016gu4.png”>

The GBP/USD broke the support trend line (dotted green) after a strong bearish bounce at resistance (red) and 78.6% Fibonacci. A wave 3 (pink) needs to see price break below the previous bottom (horizontal green). A bounce at that bottom (horizontal green) would indicate a wave change and become a triangle.

1 hour

<img src=“https://s10.postimg.org/gen0y6hmx/30_08_2016gu1.png”>

The GBP/USD is building a small contracting triangle chart pattern (orange/green). A break below the support line (green) could extend wave 1 (green) to a lower spot. A break above the resistance line (orange) could start a wave C (blue) correction within wave 2 (green) with resistance at the Fibonacci levels of wave 2 vs 1.

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43

Forex market presents corrective waves during trading week

EUR/USD

4 hour

<img src=“https://s15.postimg.org/jao1xz3uz/31_08_2016eu4.png”>

The EUR/USD seems to be respecting the 38.2% Fibonacci retracement level of wave D (green) vs B. A bearish break below that Fib level could see price extend the bearish breakout below support (dotted green) towards the 50% or 61.8% Fibonacci levels.

1 hour

<img src=“https://s3.postimg.org/t6durx3bn/31_08_2016eu1.png”>

The EUR/USD broke the small contracting triangle chart pattern (orange/green) and posted a lower low. A break above the resistance line (orange) could start a wave B (blue) correction with resistance at the Fibonacci levels of wave B vs A.

GBP/USD

4 hour

<img src=“https://s18.postimg.org/etv3bonkp/31_08_2016gu4.png”>

The GBP/USD is expected to be in a wave 3 (pink) at the moment, which is confirmed when price breaks below the bottom (horizontal green). A bounce at that bottom (horizontal green) would indicate a wave change such as a larger triangle formation. A break of the resistance (red) would indicate a larger ABC correction within wave 4 (blue).

1 hour

<img src=“https://s22.postimg.org/od400nz6p/31_08_2016gu1.png”>

The GBP/USD is building a small bear flag chart pattern (orange/green). A break below the support line (green) could extend wave 1 (green) to a lower spot. A break above the resistance line (orange) could start a wave C (blue) correction within wave 2 (green) with resistance at the Fibonacci levels of wave 2 vs 1.

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45

GBP/USD breaks above daily resistance in bullish ABC zigzag

EUR/USD

4 hour

<img src=“https://s11.postimg.org/mjyuh1acz/02_09_2016eu4.png”>

The EUR/USD made a bullish bounce at the 38.2% Fibonacci retracement level of wave D (green) vs B. The current wave count is expecting price to show a bearish bounce at the Fibonacci levels of wave X (purple) for one more bearish swing towards lower Fib levels of wave D vs B. A break above the trend lines (red/orange) would invalidate this scenario.

1 hour

<img src=“https://s17.postimg.org/bfae2yo73/02_09_2016eu1.png”>

The EUR/USD broke above the resistance line (dotted orange) with strong momentum (wave 3 green) which could indicate a bullish push towards above the 38.2% Fibonacci level of wave X vs W.

GBP/USD

4 hour

<img src=“https://s18.postimg.org/3rk9mw0ah/02_09_2016gu4.png”>

The GBP/USD broke above an important resistance (red) trend line from the daily chart. The break leads to a change of wave count as indicated yesterday and now price is in a larger ABC correction (pink) within wave 4 (blue).

1 hour

<img src=“https://s10.postimg.org/6ufnw0dnd/02_09_2016gu1.png”>

The GBP/USD showed strong bullish momentum yesterday which has been labelled as a wave 3 (purple). An ABC correction (grey) within wave 4 (purple) could take price back to the Fibonacci retracement levels but a break below the 61.8% invalidates the wave count. A break above the resistance (orange) could indicate a continuation of wave 5 (purple) within the uptrend channel (green/red lines).

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46

USD/JPY completes 5 bullish waves at top of bear channel

EUR/USD

4 hour

<img src=“https://s16.postimg.org/mzivzu2c5/05_09_2016eu4.png”>

The EUR/USD respected the 50% Fibonacci level of wave X (purple). Price could retrace to a higher Fib level such as the 61.8% or 78.6% Fib of wave X vs W before completing wave Y (purple) at wave D (green). The current wave count is expecting price to show a bearish bounce at the Fibonacci levels of wave X (purple) for one more bearish swing towards lower Fib levels of wave D vs B. A break above the trend line (red) would invalidate this scenario.

1 hour

<img src=“https://s14.postimg.org/5lxfvawrl/05_09_2016eu1.png”>

The other scenario is that the EUR/USD wave X (purple) has already been completed and a bearish ABC (blue) zigzag has started. A confirmation of a bearish turn at wave B (blue) could occur via a candle stick pattern or via a bearish breakout below support (green).

GBP/USD

4 hour

<img src=“https://s18.postimg.org/6qbf0kdi1/05_09_2016gu4.png”>

The GBP/USD broke above an important resistance (red) trend line from the daily chart. The break indicates a larger ABC correction (pink) within wave 4 (blue).

1 hour

<img src=“https://s12.postimg.org/vi5dslb0d/05_09_2016gu1.png”>

The GBP/USD indeed completed an ABC correction (grey) within wave 4 (purple) after which a wave 5 (purple) completed wave 3 (blue). At the moment a wave 4 (purple) correction is expected at the Fibonacci levels of wave 4 vs 3.

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47

EUR/USD, GBP/USD bullish bounce spots for waves B and 5

EUR/USD

4 hour

<img src=“https://s13.postimg.org/5vhdtxdef/06_09_2016eu4.png”>

The EUR/USD is respecting support (green) and resistance (red) trend lines. The current wave count is expecting price to show a bearish break towards complete an ABC (blue) zigzag within wave D (green). A break above the trend lines (red) would invalidate this scenario.

1 hour

<img src=“https://s9.postimg.org/vt8p4iein/06_09_2016eu1.png”>

The EUR/USD could bounce at the support trend line (green) to complete a wave B (blue) of a larger ABC zigzag. A break above the trend line (red) and 100% Fibonacci level invalidate the wave structure. A bearish candlestick pattern at the Fibonacci levels could confirm a turn.

GBP/USD

4 hour

<img src=“https://s22.postimg.org/yp3tx2dk1/06_09_2016gu4.png”>

The GBP/USD is in a bullish channel after breaking above an important resistance (red) trend line from the daily chart. The Cable is completing a larger ABC correction (pink) within wave 4 (blue).

1 hour

<img src=“https://s9.postimg.org/v7y0kfefj/06_09_2016gu1.png”>

The GBP/USD is still within wave 4 (blue) after completing an ABC correction (purple). A break below the channel could still price respect support at the Fibonacci levels of wave 4 (blue).

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48

US Dollar breaks support with impulsive price action

EUR/USD

4 hour

<img src=“https://s22.postimg.org/j3us1q869/07_09_2016eu4.png”>

The EUR/USD bounced at the support trend line (dark green) as indicated in yesterday’s wave head line, but rallied with such a bullish momentum that a larger bullish ABC (blue) is probably taking place. Price is in a wave X (purple) unless it manages to break above resistance (red) and the top Fibonacci levels.

1 hour

<img src=“https://s15.postimg.org/6ebofx7x7/07_09_2016eu1.png”>

The EUR/USD momentum is most likely a wave 3 (green) within the wave C (blue). A wave 4 (green) pullback could see support at the Fibonacci levels.

GBP/USD

4 hour

<img src=“https://s15.postimg.org/r3wzsb2gb/07_09_2016gu4.png”>

The GBP/USD is an ABC zigzag correction (green/pink) that is taking place in a bullish channel. The Fibonacci levels could be targets for the C wave.

1 hour

<img src=“https://s9.postimg.org/qsnhp7zdb/07_09_2016gu1.png”>

The GBP/USD also showed a bullish bounce as indicated by yesterday’s headline. The subsequent momentum seems to be a wave 3 (purple) and a retracement could meet support at the Fibonacci levels of wave 4 (purple) vs 3.

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49

EUR/USD, GBP/USD setup ABC corrections within wave 4 pullback

EUR/USD

4 hour

<img src=“https://s17.postimg.org/kw8u6k40f/08_09_2016eu4.png”>

The EUR/USD is in a wave X (purple) unless it manages to break above resistance (red) and the top Fibonacci levels. In that case a bullish break within wave X (brown) is the most likely scenario. A bearish bounce at resistance (red/Fibs) could see the start of wave Y (brown) within wave D (green).

1 hour

<img src=“https://s15.postimg.org/ncf8y9lrv/08_09_2016eu1.png”>

The EUR/USD is moving sideways and staying above the 23.6% Fibonacci level of wave 4 (green) vs 3. A bullish break above resistance (orange) could see price move towards the 78.6% Fib level of wave X (purple) vs W. A break below the support trend line (green) could still price bounce at the 38.2% or 50% Fibs.

GBP/USD

4 hour

<img src=“https://s10.postimg.org/wcds124qh/08_09_2016gu4.png”>

The GBP/USD is an ABC zigzag correction (green/pink) after the break of the daily resistance trend line (dotted red). The Fibonacci levels could be targets for the C waves.

1 hour

<img src=“https://s12.postimg.org/92y2d1o7x/08_09_2016gu1.png”>

The GBP/USD made a retracement via an ABC zigzag (purple) to the 38.2% Fibonacci retracement level of wave 4 (blue) vs 3. A break above resistance (orange) could confirm the start of wave 5 (blue) with targets at the Fib levels. A break below support (green) could see price bounce at lowers Fibs of wave 4.

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50

EUR/USD hits major 78.6% Fib after breaking consolidation zone

EUR/USD

4 hour

<img src=“https://s14.postimg.org/5sftndkbl/09_09_2016eu4.png”>

The EUR/USD has reached the 78.6% Fibonacci level of wave X (purple) and the resistance trend line (red). This zone will either cause a bearish turn or a bullish break. A bearish reversal confirms the development of a wave X (purple) within wave D (green). A bullish break indicates that a different wave X (brown) is still ongoing.

1 hour

<img src=“https://s22.postimg.org/cme4pzn1t/09_09_2016eu1.png”>

The EUR/USD broke above the sideways consolidation zone (dotted orange) to complete wave 4 (green). The bullish breakout for wave 5 (green) was short and the bearish reaction at the 78.6% Fib could be explained by a wave 1 (green). A break above the origin (100% Fib) invalidates wave 1 but a break below support (green) makes a bearish breakout more likely.

GBP/USD

4 hour

<img src=“https://s14.postimg.org/gqmhrgwa9/09_09_2016gu4.png”>

The GBP/USD is an ABC zigzag correction (green/pink) after the break of the daily resistance trend line (dotted red). The Fibonacci levels could be targets for the C waves.

1 hour

<img src=“https://s11.postimg.org/mf37lj4mr/09_09_2016gu1.png”>

The GBP/USD made a retracement via an ABC zigzag (purple) to the 38.2%-50% Fibonacci retracement level of wave 4 (blue) vs 3. A break above resistance (orange) could confirm the start of wave 5 (blue) with targets at the Fib levels.

USD/JPY

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51

Fibs and trend lines present barriers within corrective waves

EUR/USD

4 hour

<img src=“https://s13.postimg.org/m11c3hxlz/12_09_2016eu4.png”>

The EUR/USD made a bearish turn at the 78.6% Fibonacci level of wave X (purple) and the resistance trend line (orange). This confirms the development of a wave X (purple) within wave d (green), unless price breaks above resistance, which would indicate that a different wave X (brown) is still ongoing. Wave d (green) will most likely complete at the 61.8% Fibonacci support level (green box).

1 hour

<img src=“https://s22.postimg.org/nbc8omeoh/12_09_2016eu1.png”>

The EUR/USD is most likely building an ABC zigzag within wave X (blue) but a break above the 100% Fibonacci level invalidates wave X (blue). A break below the support trend line (purple) should indicate the start of wave Y (purple).

GBP/USD

4 hour

<img src=“https://s13.postimg.org/9nzfcghdz/12_09_2016gu4.png”>

The GBP/USD is building an ABC zigzag correction (green/pink) after the break of the daily resistance trend line (dotted red). The current bearish price action is most likely part of a retracement. A breakout above resistance (orange) could indicate the potential continuation towards the Fibonacci levels of those C waves.

1 hour

<img src=“https://s22.postimg.org/mimsf75n5/12_09_2016gu1.png”>

The GBP/USD built a bearish ABC zigzag (purple) which has respected the 50% Fibonacci retracement level of wave 4 (blue) vs 3. A break below support could see price move towards the 61.8% Fibonacci support level, which could be a potential bouncing spot. A break above resistance (orange) could confirm the start of wave 5 (blue) with targets at the Fib levels.

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52

GBP/USD breaks above bearish channel within ABC zigzag

EUR/USD

4 hour

<img src=’‘https://s10.postimg.org/mtavzm7bd/13_09_2016eu4.png’’>

The EUR/USD is building a small contracting triangle chart pattern, which is indicated by the support and resistance trend lines (red/green). A break below the triangle confirms the development of multiple wave Y’s within wave d (green). A break above the triangle indicates that wave X (blue) is still active. A break above the bigger resistance line (orange) indicates that a different wave X (brown) is still ongoing.

1 hour

<img src=’‘https://s11.postimg.org/u3ouk9vb7/13_09_2016eu1.png’’>

The EUR/USD indeed completed an ABC zigzag within wave X (blue) as indicated in yesterday’s wave analysis. Whether resistance can turn the EUR/USD back down remains to be seen and depends on the breakout direction.

GBP/USD

4 hour

<img src=’‘https://s11.postimg.org/5gec2h68z/13_09_2016gu4.png’’>

The GBP/USD has found support at the confluence of trend lines (green). The bullish bounce managed to break the resistance trend line (dotted orange), which could signal the start of a wave 5 (blue) within a larger ABC zigzag correction (green/pink).

1 hour

<img src=’‘https://s9.postimg.org/6l2pb0iwf/13_09_2016gu1.png’’>

The GBP/USD broke above the resistance (dotted orange) with bullish momentum. The wave 5 (blue) could see an extension with 5 inner waves (purple). A break below the 100% Fibonacci level of wave 2 vs 1 invalidates this wave structure. A break above resistance (yellow line) could see the continuation of the Cable within wave 5 (blue).

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53

USD/JPY bullish breakout reaches key level in daily channel

EUR/USD

4 hour

<img src=’‘https://s16.postimg.org/xeaeuagwl/14_09_2016eu4.png’’>

The EUR/USD is trying to break below the smaller contracting triangle chart pattern (red/green lines), which would confirm the development of multiple wave Y’s within wave d (green). A break above the triangle indicates that wave X (blue) is still active. A break above the bigger resistance line (orange) indicates that a different wave X (brown) is still ongoing.

1 hour

<img src=’‘https://s17.postimg.org/3kt93q0i7/14_09_2016eu1.png’’>

The EUR/USD seems to have completed the complex wave X (blue) correction. The bearish price action is probably the start of wave A (green) unless price breaks above the resistance trend line (red).

GBP/USD

4 hour

<img src=’‘https://s13.postimg.org/i4my6hssn/14_09_2016gu4.png’’>

The GBP/USD broke the support trend lines (dotted green) during yesterday’s trading. The bearish break made the impulsive bullish wave structure unlikely and a new corrective bullish structure seems its likely replacement, unless price manages to break below the 78.6% Fibonacci level and 1.30 round level.

1 hour

<img src=’‘https://s13.postimg.org/uvp1eaq0n/14_09_2016gu1.png’’>

The GBP/USD is probably building a bearish ABC zigzag (purple). The Fibonacci retracement levels of wave B (purple) are most likely expected to offer resistance.

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54

EUR/USD starts bullish push but strong resistance remains crucial

EUR/USD

4 hour

<img src=“https://s17.postimg.org/wrqm2ewdr/15_09_2016eu4.png”>

The EUR/USD is moving sideways in a larger consolidation zone between support (green) and resistance (orange). A break out below the support trend lines confirms the continuation of waves Y within wave d (green). The current Fibonacci levels should act as resistance.

1 hour

<img src=“https://s18.postimg.org/jc1fmnmyh/15_09_2016eu1.png”>

The EUR/USD did not manage to break horizontal support yesterday (green box) and made a bullish bounce. The momentum is making it likely that a 5 wave ending diagonal is taking place (orange).

GBP/USD

4 hour

<img src=“https://s10.postimg.org/5oshe2chl/15_09_2016gu4.png”>

The GBP/USD is making a bullish retracement after breaking below the support trend lines (dotted green) earlier this week. Price is expected to find resistance and make a bearish turn as part of wave B (purple) unless price manages to break above the top of wave X (blue).

1 hour

<img src=“https://s14.postimg.org/iy5m3u869/15_09_2016gu1.png”>

The GBP/USD is probably building a bearish ABC zigzag (purple). The Fibonacci retracement levels of wave B (purple) are most likely expected to offer resistance. The invalidation level of wave B (purple) is the 100% Fib, which would indicate that a bearish correction has completed at the most recent low.

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55

US Dollar gains strong bullish momentum in wave 3

EUR/USD

4 hour

<img src=“https://s22.postimg.org/4dptpwk9d/19_09_2016eu4.png”>

The trend line (orange) indeed acted as resistance and the EUR/USD fell below support (dotted green) as indicated last week. A bearish zigzag seems the most likely and the current bearish momentum is wave A (green). On the larger scale a contracting triangle is probably taking place and price is now in the wave d (green).

1 hour

<img src=“https://s13.postimg.org/vy1jmd98n/19_09_2016eu1.png”>

The EUR/USD is building a retracement within wave 4 (orange) unless price breaks above the 50% Fibonacci level, which then makes it more likely that wave A (green) has been completed at the most recent bottom.

GBP/USD

4 hour

<img src=“https://s13.postimg.org/w6idc676f/19_09_2016gu4.png”>

The GBP/USD wave count is now showing a bearish impulse (pink) but the wave count is vulnerable to change if price does not break below the 78.6% Fibonacci level (blue) and breaks above resistance (red).

1 hour

<img src=“https://s12.postimg.org/3yegfycod/19_09_2016gu1.png”>

The GBP/USD is building a wave 4 (blue) retracement of the impulsive wave 3 (blue). Usually price will respect the 23.6% to 50% Fibonacci levels within a wave 4. A break above the 61.8% invalidates the current wave 4 (blue).

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56

EUR/USD, GBP/USD retrace back to 38.2% and 50% Fibonacci levels

EUR/USD

4 hour

<img src=“http://s14.postimg.org/lpvr9w9m9/20_09_2016eu4.png”>

The EUR/USD is building a small pause at the Fibonacci level after breaking below the support trend line (dotted green). A bearish continuation could take price to lower Fibonacci levels.

1 hour

<img src=“http://s22.postimg.org/d1ju8mzmp/20_09_2016eu1.png”>

The EUR/USD has retraced to the 50% Fibonacci retracement level of wave 4 (orange) vs 3. A break above the 78.6% Fib invalidates the wave 4 (orange). A break below support (green) could confirm the wave 5 (green) of wave A (orange).

GBP/USD

4 hour

<img src=“http://s21.postimg.org/pdia7c7dz/20_09_2016gu4.png”>

The GBP/USD needs to break below the 78.6% Fibonacci level (blue) and support trend line (green) before price has a chance of moving towards the Fibonacci targets of wave 3 (green) vs 1. A break above resistance (red) invalidates the current wave 3’s.

1 hour

<img src=“http://s12.postimg.org/4crmyibx9/20_09_2016gu1.png”>

The GBP/USD has retraced back to the 38.2% Fibonacci level of wave 4 (blue) vs 3. A break above the resistance trend line (red) and 78.6% Fibonacci level invalidates wave 4 (blue) whereas a break below support (green) could indicate the continuation of wave 3 (green).

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57

EUR/USD, GBP/USD bearish breakout after turn at Fibonacci levels

EUR/USD

4 hour

<img src=“http://s15.postimg.org/439jb7ssb/21_09_2016eu4.png”>

The EUR/USD broke the support trend line (dotted green) again and price is now building a bearish channel (orange). A break below the 78.6% Fibonacci level could see the EUR/USD fall towards the next Fibonacci targets within a larger contracting triangle (wave d green).

1 hour

<img src=“http://s3.postimg.org/bj3hkzpeb/21_09_2016eu1.png”>

The EUR/USD has paused at the previous bottom (green) and a break below the support is needed before a continuation of wave 5 (orange) is possible.

GBP/USD

4 hour

<img src=“http://s9.postimg.org/x88c5xnq7/21_09_2016gu4.png”>

The GBP/USD indeed completed a wave 4 (blue) as indicated during this week’s wave analysis. The Cable is now falling towards the Fibonacci targets of wave 3 (green).

1 hour

<img src=“http://s11.postimg.org/5nr4hsvn7/21_09_2016gu1.png”>

The GBP/USD seems to be building an extended wave 5 (grey) within wave 5 (blue). A break above the 61.8% Fibonacci retracement invalidates the bearish 5 wave (grey).

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58

US Dollar strength fades after divergence pattern appears

EUR/USD

4 hour

<img src=“http://s12.postimg.org/4em7c9a25/22_09_2016eu4.png”>

The EUR/USD bounced at the previous bottom (green) during yesterday’s trading. The bullish bounce has probably completed a bearish ABC (green). The resistance (red) and support (green) trend lines indicate a potential descending wedge chart pattern, which is confirmed if price breaks below support. For the moment a wave X (blue) within a larger wave d (green) triangle is likely.

1 hour

<img src=“http://s10.postimg.org/oey7c0jvt/22_09_2016eu1.png”>

The EUR/USD completed a wave 5 (orange) after divergence appeared (purple) and will most likely build a bullish ABC zigzag (green) within wave X (blue). The Fibonacci levels of wave B (blue) vs A are expected to act as support with a break below the 100% level indicating an invalidation.

GBP/USD

4 hour

<img src=“http://s11.postimg.org/n68y4708z/22_09_2016gu4.png”>

The GBP/USD has completed a bearish wave at the recent bottom, which could either completed a wave 3 (green) or wave C (purple) of a larger ABCDE contracting triangle (purple). A break above the 50% Fibonacci level of wave 4 (green) vs 3 and resistance trend line (red) invalidates wave 4 (green) and increases the chances of a wave d and e (purple).

1 hour

<img src=“http://s17.postimg.org/cx8vwsgfz/22_09_2016gu1.png”>

The GBP/USD is making a bullish wave and arriving at a key resistance zone (as indicated in the 4 hour chart) after wave 5 (blue) showed divergence (purple line) with wave 3 (blue).

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59

Critical support and resistance levels visible in Forex market

EUR/USD

4 hour

<img src=“http://s13.postimg.org/e9pkr8y0n/26_09_2016eu4.png”>

If the EUR/USD manages to break the resistance trend line (orange), then the Fibonacci levels of wave X (blue) are expected to stop price from moving much further. Only a break above the top (purple) would invalidate the larger consolidation zone marked as wave X (purple and blue). Overall it seems most likely that a larger wave Y (brown/purple) is developing within a contracting triangle on the daily chart (wave d green).

1 hour

<img src=“http://s14.postimg.org/wk2m3yq6p/26_09_2016eu1.png”>

The EUR/USD is either building a bearish ABC zigzag (orange) within wave B (green), which means that price will break below the support trend line (dark green), or the EUR/USD will complete the bullish ABC (green) zigzag within wave X (blue), which means that price will break above resistance (red).

GBP/USD

4 hour

<img src=“http://s17.postimg.org/wh5gcuzsf/26_09_2016gu4.png”>

The GBP/USD is building either a wave 3 (pink) within a larger downtrend or wave d (purple) of a larger ABCDE contracting triangle (purple). A break above the 100% Fibonacci level of potential wave 2 (blue) vs 1 and resistance trend line (red) increases the chance of a wave d and e (purple).

1 hour

<img src=“http://s10.postimg.org/7jdqj17jt/26_09_2016gu1.png”>

The GBP/USD could be building an ABC (grey) within wave 2 (blue). A break below support (green) could see price retesting the previous bottom at 1.29. A break below the bottom could indicate one more bearish push towards the bottom on the 4 hour chart at 1.2850.

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60

US Dollar support levels indicate key decision zone

EUR/USD

4 hour

<img src=“https://s9.postimg.org/40zy4di5r/27_09_2016eu4.png”>

The EUR/USD managed to break above the resistance trend line (dotted orange) yesterday but also was unable to push above the Fibonacci levels of wave X (blue) as expected. Only a break above the top (purple) invalidates the larger consolidation zone marked as wave X (blue). It seems more likely that a larger waves Y is developing within a contracting triangle on the daily chart (wave d green).

1 hour

<img src=“https://s17.postimg.org/3qhht4gan/27_09_2016eu1.png”>

Whether the EUR/USD will start the bearish momentum needed to start the wave Y (blue) remains to be confirmed. At the moment price has still two layers of support below it (green). A bearish break could indicate the start of a bearish ABC zigzag (green). A bullish bounce at support, however could see price retest higher resistance again like the 61.8% or 78.6% Fibonacci levels.

GBP/USD

4 hour

<img src=“https://s17.postimg.org/wpfbp0zcf/27_09_2016gu4.png”>

The GBP/USD is either building a wave 3 (pink) within a larger downtrend or wave d (purple) of a larger ABCDE contracting triangle (purple). A break above the 100% Fibonacci level of potential wave 2 (blue) vs 1 and resistance zone (red/orange) increases the chance of a wave d and e (purple) whereas a break below the bottom (blue) of wave b (purple) favours a wave 3 (pink).

1 hour

<img src=“https://s18.postimg.org/rwe1kan6h/27_09_2016gu1.png”>

The GBP/USD broke the support trend line (dotted green) yesterday but price was unable to break below the previous bottom and trend line (solid green). A bullish correction via an ABC (grey) seems likely at the moment. The Fibonacci levels are expected to act as resistance.

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61

EUR/USD keeps building zigzags and USD/JPY breaks with impulse

EUR/USD

4 hour

<img src=“https://s21.postimg.org/qlitnm8xz/29_09_2016eu4.png”>

The EUR/USD is building a bullish retracement, which could become a head and shoulders pattern (purple boxes) if price makes a bearish turn at 1.1250. Such a rejection could occur when a bearish ABC (blue) zigzag occurs within the larger consolidation zone (purple/blue lines).

1 hour

<img src=“https://s18.postimg.org/n9qtl1ac9/29_09_2016eu1.png”>

The EUR/USD completed a 5th wave (green) within wave A (blue), which was followed by a new bullish wave A and B (green) zigzag. Price is now probably in a wave C (green) zigzag, unless price breaks above the 100% Fibonacci level.

GBP/USD

4 hour

<img src=“https://s14.postimg.org/6ery23jwx/29_09_2016gu4.png”>

The GBP/USD broke above the resistance trend line (dotted red), which makes a larger ABCDE contracting triangle (purple) more likely at the moment. However, the bearish alternative (pink 3) has not been removed from the chart because price is moving higher in a corrective channel (orange/green lines). A break above the 100% Fibonacci level is needed before wave 2 (blue) is invalidated.

1 hour

<img src=“https://s15.postimg.org/4u9dn9r23/29_09_2016gu1.png”>

The GBP/USD is showing two wave counts. One where a larger ABC bullish zigzag (purple) is taking place within wave E (purple) and another where WXY (grey) is built within wave 2 (blue).

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