Corrective Trend Lines Dominate Major Currency Pairs

3 min read

EUR/USD

4 hour

05-06-2015eu4
The EUR/USD price action will be highly impacted by the Non-Farm Payroll (NFP) news event.

1 hour

05-06-2015eu1
The EUR/USD is making a bearish channel (green lines) after rising yesterday till 1.14 as part of wave 3 (purple). Today there is a chance that the wave 4 (purple) Fibonacci levels could act as support.

GBP/USD

4 hour

05-06-2015gu4
The GBP/USD price action will be highly impacted by the Non-Farm Payroll (NFP) news event.

1 hour

05-06-2015gu1
The GBP/USD broke the resistance (dotted orange) yesterday and made an expected bullish impulse for the 5th wave (green), which might have completed a bigger wave A (blue) of a potential bigger zigzag (blue). If prices breaks below the support trend line it still might run into support at the Fib levels.

USD/JPY

4 hour

05-06-2015uj4
The USD/JPY price action will be highly impacted by the Non-Farm Payroll (NFP) news event.

1 hour

05-06-2015uj1
Depending on the news event price could either break out above resistance (orange) and rise for wave 5 (magenta) or break below support (blue) and fall towards wave 4 Fibonacci retracement levels.

Twitter: @elitecurrensea

PLEASE NOTE: THE UPDATE IS POSTED WITH PERMISSION FROM WWW.ADMIRALMARKETS.COM
read the original article on AdmiralMarkets.com

Thank you