EUR/USD
4 hour
The EUR/USD is approaching potential support levels like the Fibonacci retracements and trend line. This zone could turn out to be a zone where price will show a bullish bounce (if it breaks above resistance) or a bearish break (if it breaks below support).
1 hour
The EUR/USD respected the Fibonacci levels of wave 4 (orange) and has turned bearish as part of wave 5. A break above the resistance trend line (orange) could indicate the completion of wave X (purple).
GBP/USD
4 hour
The GBP/USD broke the bottom (dotted green) and has continued with its bearish momentum and trend.
1 hour
The GBP/USD respected the shallow Fibonacci levels of the wave 4 (blue) and price is moving lower as part of the 5th wave (blue) towards Fibonacci targets to complete most likely wave 3 (pink).
USD/JPY
4 hour
The USD/JPY break below the support trend lines (dotted greens) but price action has been slow. Whether price has sufficient momentum to break the bottom (solid green) remains to be seen. A break below could price fall towards the Fibonacci levels.
1 hour
The USD/JPY completed a corrective wave which is now marked as a wave 2 (orange). Price could now be in a potential wave 3, but it would require strong bearish 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
AUD/USD extends gains due to improved risk appetite
The Australian Dollar maintained its winning streak for the fourth consecutive session on Monday, buoyed by a hawkish sentiment surrounding the Reserve Bank of Australia. This optimism bolsters the strength of the Aussie Dollar, providing support to the AUD/USD pair.
USD/JPY snaps three-day losing streak above 153.50, Yellen counsels caution on currency intervention
The USD/JPY pair snap a three-day losing streak during the Asian trading hours on Monday. The uptick of the pair is bolstered by the modest rebound of the US Dollar and US Treasury Secretary Janet Yellen’s comments on potential Japanese interventions last week.
Gold price rebounds on downbeat NFP data, softer US Dollar
Gold price snaps the two-day losing streak during the Asian session on Monday. The weaker-than-expected US employment reports have boosted the odds of a September rate cut from the US Federal Reserve. This, in turn, has dragged the US Dollar lower and lifted the USD-denominated gold.
Bitcoin Cash could become a Cardano partnerchain as 66% of 11.3K voters say “Aye”
Bitcoin Cash is the current mania in the Cardano ecosystem following a proposal by the network’s executive inviting the public to vote on X, about a possible integration.
Week ahead: BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.