US Dollar Turns Around for ABC Zigzag

EUR/USD

4 hour

The EUR/USD bearish movement has retraced very deep which therefore favors a completed wave 5 (blue) of wave C (green) of Y (brown). Price could still expand the bullish price action after completing a potential ABC (green) zigzag pattern.

1 hour

Due to the weaker angle of price action in the 3^rd leg of price movement, the bearish 3 wave pattern resembles an ABC more than a 123 pattern.

GBP/USD

4 hour

The GBP/USD broke both support trend lines (green) with a 5 wave bearish pattern (orange), which indicates that an ABC correction is now likely. A break below the bottom (green) would signal the completion of the wave Y (purple).

1 hour

Yesterday price completed a wave 4 (orange) at the 23.6% Fibonacci retracement level and made one more fall for wave 5. An ABC correction is the most likely scenario at the moment. If price does push below support then a wave extension is most likely taking place.

USD/JPY

4 hour

The USD/JPY’s wave count is indicating that the current retracement could be a wave 4 (purple). A deeper retracement than the 61.8% could require a wave count change.

1 hour

The USD/JPY is building a rising wedge chart pattern (green and orange) at the 61.8% Fibonacci level of a potential wave 4 (purple).

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Please note that the update is posted with permission from Admiral Markets
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