EUR/USD Bullish Thrust Capped by Wedge Resistance

3 min read

EUR/USD

4 hour

14-08-2015eu1
The EUR/USD broke above the internal resistance (red) within a bigger wedge (brown/green) which could be explained by a WXY wave pattern (purple). The top of wedge (brown) could be a major resistance spot.

1 hour

14-08-2015eu4
The EUR/USD bounced at the 38.2% Fibonacci retracement level of wave X (purple) and could be moving up as part of wave Y (purple).

GBP/USD

4 hour

14-08-2015gu4
The GBP/USD remains positioned in a choppy range (red/green).

1 hour

14-08-2015gu1
The GBP/USD made a bearish retracement back to the bottom of the uptrend channel (green). The ABC (dark green) wave count is invalidated if price breaks below the 100% point.

USD/JPY

4 hour

14-08-2015uj4
The USD/JPY broke below the support trend line (dotted green) close to the major top (brown). This could indicate a potential ABC correction with an invalidation level at the beginning of wave A (purple).

1 hour

14-08-2015uj1
The USD/JPY is showing a smaller contracting triangle (orange/green). A bullish break could indicate the potential for price to complete a wave C (blue). A bearish break could indicate the potential for the wave B (purple) to be completed and for the wave C to start (ABC purple).

Twitter: @elitecurrensea

Please note that the update is posted with permission from Admiral Markets

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