EUR/USD
4 hour
EUR/USD is in between key support (green) and resistance (red) trend lines. A break below support indicatesthat an ABC (orange) pattern is more likely than a 123 (pink) pattern whereas a bullish breakout could be part of the wave 3 (pink).
1 hour
The EUR/USD potential breakout aboveresistance (red) could indicate a continuation of the uptrend within a wave 5 (purple) of wave 3 (pink). A push below makes a wave 4 less likely and could indicate a bearish continuation towards the targets of wave Y (blue).
USD/JPY
4 hour
The USD/JPY remains in the bearish channel. A bullish break above that resistance could see price challenge the 38.2, 50% Fibs and shallower trend line (orange) whereas a bearish continuation could target the 50% Fib of wave 2 or B (light purple).
1 hour
The USD/JPY could expand the wave X (pink) via an ABC zigzag (blue), although this scenario becomes less likely as price is breaking below the support trend lines (blue). Price still needs to break below the Fibs of wave B (blue).
GBP/USD
4 hour
The GBP/USDremains in the bullish channel (red/green) within the larger sideways range (red/blue). A breakout above the higher resistance (red) or below the support (blue) is needed before a new trend can be expected.
1 hour
The GBP/USD is building a bearish wave 1-2 (brown) if price manages to break below support (green). A break above resistance (orange) could see price test the bigger resistance (red).
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 posts gain, yet dive below 0.6500 amid Aussie CPI, ahead of US GDP
The Aussie Dollar finished Wednesday’s session with decent gains of 0.15% against the US Dollar, yet it retreated from weekly highs of 0.6529, which it hit after a hotter-than-expected inflation report. As the Asian session begins, the AUD/USD trades around 0.6495.
USD/JPY finds its highest bids since 1990, approaches 156.00
USD/JPY broke into its highest chart territory since June of 1990 on Wednesday, peaking near 155.40 for the first time in 34 years as the Japanese Yen continues to tumble across the broad FX market.
Gold stays firm amid higher US yields as traders await US GDP data
Gold recovers from recent losses, buoyed by market interest despite a stronger US Dollar and higher US Treasury yields. De-escalation of Middle East tensions contributed to increased market stability, denting the appetite for Gold buying.
Ethereum suffers slight pullback, Hong Kong spot ETH ETFs to begin trading on April 30
Ethereum suffered a brief decline on Wednesday afternoon despite increased accumulation from whales. This follows Ethereum restaking protocol Renzo restaked ETH crashing from its 1:1 peg with ETH and increased activities surrounding spot Ethereum ETFs.
Dow Jones Industrial Average hesitates on Wednesday as markets wait for key US data
The DJIA stumbled on Wednesday, falling from recent highs near 38,550.00 as investors ease off of Tuesday’s risk appetite. The index recovered as US data continues to vex financial markets that remain overwhelmingly focused on rate cuts from the US Fed.