US Dollar Prolongs Bullish Wave before NFP

3 min read

EUR/USD

4 hour

02-07-2015eu4
The EUR/USD wave count is very vulnerable to change with the lingering insecurity of any euro zone news.

1 hour

02-07-2015eu1
The invalidation level of the wave B (green) is if price breaks below the support line (blue).

GBP/USD

4 hour

02-07-2015gu4
The GBP/USD broke below the 38.2% Fibonacci retracement level, which makes an ABC (green) to complete wave W (blue) now more likely. Price could be retracing lower as part of a wave X (blue) which could respect the Fibonacci retracement levels.

1 hour

02-07-2015gu1
The current wave count is expecting a wave 4 (purple) which should not enter in the price territory of wave 1. The invalidation level is the bottom indicated by the light purple line. A bullish bouncing spot could be the 50% retracement and 100% Fib target.

USD/JPY

4 hour

02-07-2015uj4
As long as price stays below the red resistance the wave count has marked the recent bottom as wave W (purple).1 hour

1 hour

02-07-2015uj1
The USD/JPY bounced at support and eventually broke through resistance (orange dotted lines), which completed wave Y (blue).

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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