US Dollar Breaks Support and Corrects Lower

3 min read

EUR/USD

4 hour

28-07-2015eu4
The EUR/USD broke the most recent top again and has closed with yet another higher high. The break of the next resistance line (red) could indicate the potential continuation.

1 hour

28-07-2015eu1
The EUR/USD completed a 5 wave pattern (green) yesterday which was most likely part of a bigger bullish ABC (blue).

GBP/USD

4 hour

28-07-2015gu4
The GBP/USD managed to close with a bullish rally yesterday and price is now half way the wedge (red and green trend lines). A break below support could indicate the continuation of the downtrend and the break above resistance could indicate the same for the uptrend.

1 hour

28-07-2015gu1
The ABC (magenta) is most likely part of a bigger WXY (orange) unless price manages to break below the Fibonacci levels of wave X.

USD/JPY

4 hour

28-07-2015uj4
The USD/JPY bounced at the 38,2% Fibonacci level of wave B (brown), which could be part of bigger ABC (brown) formation within wave X (green).

1 hour

28-07-2015uj1
The USD/JPY seems to have completed 5 waves down (blue) to complete wave c (lavender).

Twitter: @elitecurrensea

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

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