USD Uptrend Stalling and Building Bearish Zigzag
Subscribe
EUR/USD
4 hour
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
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
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
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
The USD/JPY is making a bullish retracement but heavy layers of resistance are above it.
1 hour
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
