EUR/USD
4 hour
The EUR/USD is reaching a key support zone (green), which will either provide a bullish bounce with wave C, a bearish break with wave 3 or a sideways consolidation (wave 3 or C). The presence of double divergence (purple) increases the likelihood of a bounce. The Fibonacci levels are showing the wave C targets (green). A wave 3 becomes more likely once price manages to break the 161.8% target.
1 hour
The EUR/USD completed a bullish ABC zigzag (green) and now it might be making a bearish zigzag too (green). As long as price stays above the Fibonacci levels mentioned in the chart, price is most likely still in a wave X (blue) correction.
GBP/USD
4 hour
The GBP/USD eventually made a bearish turn for wave 4 (green). It now broke below support (dotted green) and is most likely in wave 5 (green) with Fibonacci targets in its vision (Fib levels from 3 vs 1 pink).
1 hour
The GBP/USD broke out below the various support levels (green) and could be heading towards the Fibonacci targets of wave 5 (green). Price is now in a wave 3 (blue) but a stronger pullback could complete the wave 3 at the recent bottom. A wave 4 retracement should not go above the bottom of wave 1 (orange line).
USD/JPY
4 hour
The USD/JPY stopped its bullish momentum at the confluence of Fibonacci resistance levels. A break above the 100% level could see a renewed uptrend continuation whereas a failure to break the top could support the current AB (blue) wave count.
1 hour
The USD/JPY bounced off the support trend line (green), which could be part of a bigger ABC correction (blue). Within wave B (blue) price could be making an ABC zigzag (green).
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 consolidates weekly gains above 1.1150
EUR/USD moves up and down in a narrow channel slightly above 1.1150 on Friday. In the absence of high-tier macroeconomic data releases, comments from central bank officials and the risk mood could drive the pair's action heading into the weekend.
GBP/USD stabilizes near 1.3300, looks to post strong weekly gains
GBP/USD trades modestly higher on the day near 1.3300, supported by the upbeat UK Retail Sales data for August. The pair remains on track to end the week, which featured Fed and BoE policy decisions, with strong gains.
Gold extends rally to new record-high above $2,610
Gold (XAU/USD) preserves its bullish momentum and trades at a new all-time high above $2,610 on Friday. Heightened expectations that global central banks will follow the Fed in easing policy and slashing rates lift XAU/USD.
Week ahead – SNB to cut again, RBA to stand pat, PCE inflation also on tap
SNB is expected to ease for third time; might cut by 50bps. RBA to hold rates but could turn less hawkish as CPI falls. After inaugural Fed cut, attention turns to PCE inflation.
Bank of Japan set to keep rates on hold after July’s hike shocked markets
The Bank of Japan is expected to keep its short-term interest rate target between 0.15% and 0.25% on Friday, following the conclusion of its two-day monetary policy review. The decision is set to be announced during the early Asian session.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.