USD Uptrend Stalling and Building Bearish Zigzag

3 min read

EUR/USD

4 hour

10-07-2015eu4
Wave X (brown) could be considered completed if price breaks above the long-term resistance lines (orange/yellow). Alternatively it could head to lower levels for a wave X (brown) if it breaks below the support trend line (light green).

1 hour

10-07-2015eu1
The EUR/USD could go up to complete a wave Y (lavender) if it manages break above the resistance trend  lines (yellow and orange).

GBP/USD

4 hour

10-07-2015gu4
The GBP/USD has used the 78.6% Fibonacci level as a support level but a break out above the resistance is needed before the completion of wave X (blue) is confirmed.

1 hour

10-07-2015gu1
The trend lines are important as a bullish breakout (above magenta) could indicate a potential ABC (light green) whereas a bearish breakout (below green) would show the prospective of a downtrend continuation.

USD/JPY

4 hour

10-07-2015uj4
The USD/JPY is making a bullish retracement but heavy layers of resistance are above it.

1 hour

10-07-2015uj1
The USD/JPY is seemingly building on an ABC zigzag (lavender), which could take it up to the resistance (red and yellow).

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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