USD/JPY
4 hour
The USD/JPY is approaching a 38.2% Fibonacci support level and potential bounce spot. A failure for price to break above resistance could still indicate an extension of the bearish correction towards lower Fibonacci levels like the 50% Fib.
1 hour
The USD/JPY is testing the support trend line (green) which could cause price to bounce back to the top of the channel resistance (red). Price seems to be building a falling wedge chart pattern as well, which is another factor that could create a bullish response.
EUR/USD
4 hour
EUR/USD is retesting the support trend line (blue). A break below the support could indicate a failure to continue the uptrend and makes an ABC more likely than a 123 (pink) pattern, which in turn could mean that the wave 4 (light purple) is still active.
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 the 61.8% Fib makes a wave 4 less likely.
GBP/USD
4 hour
The GBP/USD is building a bullish channel (red/green) within the sideways range (red/blue). A breakout above the top (100% Fib) or below the support (blue) is needed before a new trend can be expected.
1 hour
The GBP/USD is either expanding itsWXY complex correction (green) via a new ABC (blue) or price will break below the channel support (green) and build a bearish zigzag (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
EUR/USD turns negative near 1.0760
The sudden bout of strength in the Greenback sponsored the resurgence of the selling pressure in the risk complex, dragging EUR/USD to the area of daily lows near 1.0760.
GBP/USD comes under pressure and challenges 1.2500
GBP/USD now rapidly loses momentum and gives away initial gains, returning to the 1.2500 region on the back of the strong comeback of the US Dollar.
Gold retreats from highs on stronger Dollar, yields
XAU/USD trims part of its initial advance in response to the jump in the Dollar's buying interest and the re-emergence of the upside pressure in US yields.
XRP tests support at $0.50 as Ripple joins alliance to work on blockchain recovery
XRP trades around $0.5174 early on Friday, wiping out gains from earlier in the week, as Ripple announced it has joined an alliance to support digital asset recovery alongside Hedera and the Algorand Foundation.
Week ahead – US inflation numbers to shake Fed rate cut bets
Fed rate-cut speculators rest hopes on US inflation data. After dovish BoE, pound traders turn to UK job numbers. Will a strong labor market convince the RBA to hike? More Chinese data on tap amid signs of slow Q2 start.