ABC Formations Visible on Major Forex Pairs

3 min read

EUR/USD

4 hour

11-08-2015eu4
The EUR/USD moved up yesterday but turned around at the confluence of resistance (red trend line and 611.8% Fibonacci target). Price remains in a wedge with support (green) and resistance nearby.

1 hour

11-08-2015eu1
The EUR/USD completed an ABC (green) within wave Y (blue).

GBP/USD

4 hour

11-08-2015gu4
The GBP/USD found renewed support at the confluence of trend lines (green) for a bullish rally yesterday. Price remains in a wedge with resistance (orange/red) and support nearby.

1 hour

11-08-2015gu1
The GBP/USD probably completed an ABC zigzag (dark green) within wave W (magenta).

USD/JPY

4 hour

11-08-2015uj4
The USD/JPY has a wave count that suggests an end of the trend scenario with wave X (green) failing to break the top of wave 5 (purple). The invalidation level is a break of the top, which most likely implies an uptrend continuation.

1 hour

11-08-2015uj1
The USD/JPY rebounded from the support trend line (green) but could face heavy layers of resistance such as the trend line and 78.6% Fibonacci level.

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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