GBP/USD
4 hour
The GBP/USD broke above and below the local triangle pattern (dotted lines) but the major support (blue) and resistance (red) trend lines are still intact. A breakout is needed before a larger directional move can be expected.
1 hour
The GBP/USD is probably expanding the correction via an ABC zigzag correction (green) if price stays in between support and resistance trend lines. A break below the 100% Fibonacci level of wave B vs A invalidates the bullish ABC wave.
EUR/USD
4 hour
EUR/USD is expanding the wave 4 (blue) bullish retracement within the larger downtrend (red line).The Fibonacci levels of wave 4 (blue) could therefore act as a resistance zone. A break below the support trend line (blue) could indicate a potential bearish breakout within wave 5 (blue) of wave C (purple).
1 hour
The EUR/USD could be building an ABC (orange) zigzag correction within wave 4 (blue) after itbroke above the local resistance trend line (dotted orange).
USD/JPY
4 hour
The USD/JPYis still in its choppy bearish trend channel. A bullish breakout could test the resistance levels of wave X (pink). A bearish breakout could test the Fibonacci levels of wave 2 or wave B (light purple).
1 hour
The USD/JPY is testingthe resistance of the bearish channel (orange line) and previous tops (red line).
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 keeps range above 1.0800 after German Retail Sales data
EUR/USD struggles to gain traction and continues to move in a tight channel slightly above 1.0800. The data from Germany showed that Retail Sales declined by 1.9% on a monthly basis in February, making it difficult for the Euro to attract buyers.
GBP/USD stays depressed below 1.2650 amid market caution
GBP/USD remains defensive below 1.2650 in European trading on Thursday. The hawkish tone from Fed Governor Christopher Waller keeps the US Dollar afloat amid a cautious trading environment ahead of key US data releases and the Good Friday trading lull.
Gold price bulls keenly await US PCE Price Index on Friday before placing fresh bets
Gold price (XAU/USD) continues with its struggle to make it through the $2,200 mark on Thursday and oscillates in a narrow trading band through the early part of the European session.
XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC
XRP programmatic sales ruling by Judge Torres was completely rejected by another US Court that ruled in favor of the SEC in a lawsuit against Coinbase.
The other terminal rate: How far will policy rates be cut?
Recent communication by the Federal Reserve and the ECB has made it clear that the first cut in official interest rates is coming. Both central banks are saying the same but the ECB communication is more opaque than that of the Fed.