NFP Impact on Price Action and Wave Count

3 min read

EUR/USD

4 hour

03-07-2015eu4
The EUR/USD wave count is very vulnerable to change with the lingering insecurity of any euro zone news.

1 hour

03-07-2015eu1
The EUR/USD has bounced at the 78.6% Fibonacci retracement level. A break of the resistance could see a potential start of wave C, although price action should be light before this weekend’s Greek referendum. A break of the bottom (dark blue) would invalidate the ABC (green) formation.

GBP/USD

4 hour

03-07-2015gu4
The GBP/USD bounced at the 50% Fibonacci retracement level yesterday. A bearish break below the bottom could see price fall further down to the 61.8% or 78.6% Fibs. A bullish bounce could see price move up towards the resistance trend lines (red and orange).

1 hour

03-07-2015gu1
There is a tight zone marked by a support (green) and resistance (peach) trend line.

USD/JPY

4 hour

03-07-2015uj4
The USD/JPY most likely completed a WXY (blue) wave sequence. This could be part of a bigger correction indicated by the magenta W and X.

1 hour

03-07-2015uj1
The USD/JPY could be building an ABC zigzag (blue) as part of wave X (magenta).

Twitter: @elitecurrensea

Please note that the update is posted with permission from Admiral Markets
read the original article on AdmiralMarkets.com

Thank you

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