EUR/USD
4 hour
The EUR/USD is approaching a resistance trend line (orange) which could be considered a break or bounce spot. A bullish break could see price head higher to the next Fibonacci targets and resistance (red).
1 hour
The EUR/USD did not break the bottom of wave B (purple), bounced at support (green) and broke inner resistance (dotted yellow). A break below green would change the current wave count to a WXY correction.
GBP/USD
4 hour
The Bank of England has a major news event today which will highly impact the GBP currency. GBP/USD is showing a sideways correction at the 61.8% Fibonacci target. A larger bullish correction would still price hit heavy resistance at the previous bottom (purple) and trend lines (red).
1 hour
The GBP/USD is showing a smaller contracting triangle, which probably is part of wave 4 (blue).
USD/JPY
4 hour
The USD/JPY is near the daily support levels (blue), which could cause price to show a bullish bounce. At the moment the wave count is showing the potential for a lower high as wave X (brown).
1 hour
The USD/JPY has reached the 61.8% Fibonacci level of wave X (brown).
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
AUD/USD favours extra retracements in the short term
AUD/USD kept the negative stance well in place and briefly broke below the key 0.6400 support to clinch a new low for the year on the back of the strong dollar and mixed results from the Chinese docket.
EUR/USD now shifts its attention to 1.0500
The ongoing upward momentum of the Greenback prompted EUR/USD to lose more ground, hitting new lows for 2024 around 1.0600, driven by the significant divergence in monetary policy between the Fed and the ECB.
Gold aiming to re-conquer the $2,400 level
Gold stages a correction on Tuesday and fluctuates in negative territory near $2,370 following Monday's upsurge. The benchmark 10-year US Treasury bond yield continues to push higher above 4.6% and makes it difficult for XAU/USD to gain traction.
Bitcoin price defends $60K as whales hold onto their BTC despite market dip
Bitcoin (BTC) price still has traders and investors at the edge of their seats as it slides further away from its all-time high (ATH) of $73,777. Some call it a shakeout meant to dispel the weak hands, while others see it as a buying opportunity.
Friday's Silver selloff may have actually been great news for silver bulls!
Silver endured a significant selloff last Friday. Was this another step forward in the bull market? This may seem counterintuitive, but GoldMoney founder James Turk thinks it was a positive sign for silver bulls.