EUR/USD
4 hour
The EUR/USD bearish retracement bounced at the support zone (blue lines), which might indicate that the wave A (purple) retracement has been completed. The wave A is part of a larger ABC correction within wave 4 (green) which could fall towards the 23.6% Fibonacci level of wave 4 vs 3.
1 hour
The EUR/USD broke below the support trend line (dotted green) and completed a wave 5 (orange), which in turn could complete a larger wave A (purple). Now price is building a falling wedge chart pattern, which is a bullish reversal pattern. A break above the resistance trend line (orange) would confirm the break and potential ABC (brown) correction within wave B (purple). A break below the support trend line (blue) could indicate a bearish breakout towards the 23.6% Fib at 1.16.
USD/JPY
4 hour
The USD/JPY is testing a larger support trend line (blue) from the daily support at 109.50. A bearish break could see price continue lower within wave C (brown).
1 hour
The USD/JPY seems to have completed a potential 5 wave which could be a wave 1 (orange). A break below support (green) could indicate the continuation of the bearish trend.
GBP/USD
4 hour
The GBP/USD seems to have completed 5 bearish waves within wave 1 (red). A bullish retracement could be part of a wave 2 (red).
1 hour
The GBP/USD has support and resistance trend lines which could offer breaking spots for the Cable. A bullish breakout could a wave C (purple) develop whereas a bearish break could see the downtrend continue.
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 clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.