EUR/USD
4 hour
Whether the EUR/USD is indeed in a wave 1-2 (brown) depends if price will make a bearish turn prior to breaking the top (purple line / 100% Fib). A break of the various support levels (green) could initiate the start of the wave 3 or C (green).
1 hour
A break above the local resistance (red) and 78.6% Fibonacci level could see price move up to complete wave 5 (green) at for instance 1.1420-25. A break below the support Fibonacci levels (4vs3) and 2 of the trend lines could indicate that wave 5 (green) has most likely been completed (as shown in the 4 hour chart).
GBP/USD
4 hour
The GBP/USD has made a bearish turn at the 50% Fibonacci retracement level but the upside price action has more momentum and hence I have labeled the waves as ABC (green) within wave 2 (orange). Price has potential space towards the 61.8% or 78.6% Fibonacci levels. 1 hour
The GBP/USD made a deeper wave B (blue) yesterday before falling back down as part of a larger ABC (blue) correction. The zigzag seems to be part of a wave B (green) correction within wave 2 (orange).
USD/JPY
4 hour
The USD/JPY break below support (blue) could signal the start of wave 3 (purple) whereas a break above resistance (purple) invalidates the current bearish wave structure.
1 hour
A USD/JPY channel has a mild downside slope which could be part of 1-2 wave formation. A break of 1 of the 2 trend lines is needed before price could be expected to show more momentum
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 trades with negative bias, holds above 1.0700 as traders await US PCE Price Index
EUR/USD edges lower during the Asian session on Friday and moves away from a two-week high, around the 1.0740 area touched the previous day. Spot prices trade around the 1.0725-1.0720 region and remain at the mercy of the US Dollar price dynamics ahead of the crucial US data.
USD/JPY jumps above 156.00 on BoJ's steady policy
USD/JPY has come under intense buying pressure, surging past 156.00 after the Bank of Japan kept the key rate unchanged but tweaked its policy statement. The BoJ maintained its fiscal year 2024 and 2025 core inflation forecasts, disappointing the Japanese Yen buyers.
Gold price flatlines as traders look to US PCE Price Index for some meaningful impetus
Gold price lacks any firm intraday direction and is influenced by a combination of diverging forces. The weaker US GDP print and a rise in US inflation benefit the metal amid subdued USD demand. Hawkish Fed expectations cap the upside as traders await the release of the US PCE Price Index.
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 economy: Slower growth with stronger inflation
The US Dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.