EUR/USD
4 hour
The EUR/USD bullish bounce continued all the way to the resistance trend line (orange), which caused price to make a bearish bounce. The bullish rally could be part of larger wave A (purple), which is confirmed with a break of resistance. A break of support (green) could see price fall towards the 78.6% Fibonacci level.
1 hour
The EUR/USD is building a potential 5 wave structure (blue). The 5 wave development is invalidated if price breaks below the top of wave 1 (green line). A bounce at the wave 4 Fibs could see price rally for a wave 5.
GBP/USD
4 hour
The GBP/USD broke below the downtrend channel and the daily bottom but made a bullish retracement near the 1.45 round number. The bearishness seems to be part of wave 5 (blue).
1 hour
Within wave 5 (blue) the GBP/USD seems to have completed 5 bearish waves (green/pink). The downtrend could expand with for instance the waves 5 leading towards a larger wave 1 (purple). For the moment a bullish momentum is visible, which could lead towards an ABC (pink) correction within potential wave 2 (purple).
USD/JPY
4 hour
The USD/JPY downtrend remains strong as long as price remains below the resistance trend line (orange).
1 hour
The USD/JPY seems to have completed a wave 5 (pink) within wave 3 (green) and is now building a corrective wave 4 (green). The correction is unfolding via an ABC (pink) correction.
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 below 1.0750 ahead of key US data
EUR/USD trades in a tight range below 1.0750 in the 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 firm above 156.00 after BoJ Governor Ueda's comments
USD/JPY stays firm above 156.00 after surging above this level on 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.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
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.