EUR/USD
4 hour
The EUR/USD seems to have completed a bullish 5 wave (green), which in turn could have completed the larger wave 2 (green) or wave B (green). Price has reached an interesting point where it will either continue with the bullish correction up to the 78.6% Fibonacci retracement level or start a new bearish impulse as marked on the current chart with a wave 1-2 (orange).
1 hour
The EUR/USD broke the support trend line (dotted green) which thereby completed the bullish 5 wave structure (green) and wave C (blue). Price could now be starting a new bearish impulse when analyzing the 5 waves down (pink). A break of the 100% Fib level invalidates the bearish count and indicates the potential for price to move up to the 78.6% Fib on the 4 hour chart.
GBP/USD
4 hour
The GBP/USD has been struggling around the resistance trend line (red). Another layer of resistance is slightly higher at the 78.6% and 88.6% Fibonacci retracement levels. A move up towards that level could complete the expected ABC formation (green). A break above the 100% level invalidates the wave 1-2 (orange). A break below the support trend line (green) is needed before a wave 3 or C (green) becomes more likely.
1 hour
The GBP/USD is using the support from the wave 4 Fibonacci levels. A break below the 50% Fibonacci level indicates that the wave 5 (blue) and wave C (green) have completed at the most recent top. At the moment there is a decent chance that price will push higher within the wave 5 (blue) to the 78.6/88.6% region of the 4 hour chart.
USD/JPY
4 hour
The USD/JPY managed to break below the support (blue) of the sideways zone but quickly reverted back into the area. Whether price has sufficient steam to make a sustainable bearish breakout remains to be seen. It will be interesting to see how price reacts when it retraces back to the mean: will there be a bounce for more downside or will price relapse into a consolidation?
1 hour
The USD/JPY pushed once more lower as part of the wave 5 (pink). Now price is showing an impulsive bullishness which could be explained via an ABC zigzag (orange). The potential wave 4 (blue) is invalidated when price crosses into the wave 1 price territory (green line). In that case a wave 1-2 structure instead of 3-4 is likely.
Elite CurrenSea Training Program(s) should not be treated as a recommendation or a suggestion to buy or sell any security or the suitability of any investment strategy for Student. The purchase, sale, or advice regarding any security, other financial instrument or system can only be performed by a licensed Industry representative; such as, but not limited to a Broker/Dealer, Introducing Broker, FCM and/or Registered Investment Advisor. Neither Elite CurrenSea nor its representatives are licensed to make such advisements. Electronic active trading (trading) may put your capital at risk, hence all trading decisions are made at your own risk. Furthermore, trading may also involve a high volume & frequency of trading activity. Each trade generates a commission and the total daily commission on such a high volume of trading can be considerable. Trading accounts should be considered speculative in nature with the objective being to generate short-term profits. This activity may result in the loss of more than 100% of an investment, which is the sole responsibility of the client. Any trader should realise the operation of a margin account under various market conditions and review his or her investment objectives, financial resources and risk tolerances to determine whether margin trading is appropriate for them. The increased leverage which margin provides may heighten risk substantially, including the risk of loss in excess of 100% of an investment.
Recommended Content
Editors’ Picks
EUR/USD holds above 1.0700 ahead of key US data
EUR/USD trades in a tight range above 1.0700 in the early European session on Friday. The US Dollar struggles to gather strength ahead of key PCE Price Index data, the Fed's preferred gauge of inflation, and helps the pair hold its ground.
USD/JPY stays above 156.00 after BoJ Governor Ueda's comments
USD/JPY holds above 156.00 after surging above this level with the initial reaction to the Bank of Japan's decision to leave the policy settings unchanged. BoJ Governor said weak Yen was not impacting prices but added that they will watch FX developments closely.
Gold price oscillates in a range as the focus remains glued to the US PCE Price Index
Gold price struggles to attract any meaningful buyers amid the emergence of fresh USD buying. Bets that the Fed will keep rates higher for longer amid sticky inflation help revive the USD demand.
Sei Price Prediction: SEI is in the zone of interest after a 10% leap
Sei price has been in recovery mode for almost ten days now, following a fall of almost 65% beginning in mid-March. While the SEI bulls continue to show strength, the uptrend could prove premature as massive bearish sentiment hovers above the altcoin’s price.
US core PCE inflation set to signal firm price pressures as markets delay Federal Reserve rate cut bets
The core PCE Price Index, which excludes volatile food and energy prices, is seen as the more influential measure of inflation in terms of Fed positioning. The index is forecast to rise 0.3% on a monthly basis in March, matching February’s increase.