GBP/USD
4 hour
The GBP/USD is building a bearish correction which is probably part of a larger a wave 4 (brown). The 38.2% and 50% Fib levels are expected to act as support, but this wave pattern is invalidated if price breaks below the 61.8% Fibonacci level of wave 4 vs 3.
1 hour
The GBP/USD is having troubles breaking below the support with the downtrend channel. A break above the resistance (orange) could indicate a potential bullish bounce and breakout.
EUR/USD
4 hour
The EUR/USD is building a bearish trend channel but price action remains choppy and corrective. This is making a wave 1-2 (pink) pattern more likely and the next potential support zone could be at the 50% Fibonacci level. A break below the bottom (purple box) invalidates this wave pattern.
1 hour
The EUR/USD again broke below the support trend line (dotted green) and fell below 1.18. Price seems to be slowly moving towards the Fibonacci levels of wave 2.
USD/JPY
4 hour
The USD/JPY has bounced at the bottom/support (green) of the uptrend channel and is showing a break above the resistance trend line (dotted orange). This could be ware of a wave 3 (blue).
1 hour
The USD/JPY bullish breakout could still face some resistance from the previous highs.
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 hovers around 1.0700 after German IFO data
EUR/USD stays in a consolidation phase at around 1.0700 in the European session on Wednesday. Upbeat IFO sentiment data from Germany helps the Euro hold its ground as market focus shifts to US Durable Goods Orders data.
USD/JPY refreshes 34-year high, attacks 155.00 as intervention risks loom
USD/JPY is renewing a multi-decade high, closing in on 155.00. Traders turn cautious on heightened risks of Japan's FX intervention. Broad US Dollar rebound aids the upside in the major. US Durable Goods data are next on tap.
Gold price trades with mild negative bias, manages to hold above $2,300 ahead of US data
Gold price (XAU/USD) edges lower during the early European session on Wednesday, albeit manages to hold its neck above the $2,300 mark and over a two-week low touched the previous day.
Worldcoin looks set for comeback despite Nvidia’s 22% crash Premium
Worldcoin price is in a better position than last week's and shows signs of a potential comeback. This development occurs amid the sharp decline in the valuation of the popular GPU manufacturer Nvidia.
Three fundamentals for the week: US GDP, BoJ and the Fed's favorite inflation gauge stand out Premium
While it is hard to predict when geopolitical news erupts, the level of tension is lower – allowing for key data to have its say. This week's US figures are set to shape the Federal Reserve's decision next week – and the Bank of Japan may struggle to halt the Yen's deterioration.