Key triangles visible on 3 major Forex pairs

May 20, 2016

4 hour

The EUR/USD broke below the horizontal support (dotted blue) as the bearish channel maintains its momentum to the 100% Fibonacci level. Wave C corrections are typically equal to the length of wave A so a break below the 100% Fib target increases the likelihood of a potential wave 3. An ABC completion is confirmed once price manages to break above the channel.

1 hour

The EUR/USD seems to have completed a wave 5 (purple) within a wave 3 (grey). Price is most likely making a wave 4 (grey) retracement as long as price stays below the outer trend line (red). A break below the small support trend line (solid green) could spark the bearish breakout for wave 5 (orange).

4 hour

The GBP/USD has made a potential hook back to the long-term resistance trend line (red) and 78.6% Fibonacci level. A break above the long-term resistance trend line (red) and the 100% Fibonacci level invalidates the current wave count where a bigger bearish ABC (pink) is expected. A break below the inner support trend line (green) confirms the development of an ABC whereas a break below the outer support trend line (dark green) makes a reversal and a 123 more likely.

1 hour

The GBP/USD built a bearish ABC zigzag (blue) yesterday. Price then broke above the resistance trend line (orange dotted) and showed bullish momentum. For the moment this has been marked as a wave A (grey). A break of the support trend line invalidates the ABC (grey) within waves Y (blue, green) of wave B (pink).

4 hour

The USD/JPY is building a small triangle above the broke resistance levels (dotted lines). A break above the 200% Fibonacci level could see price make a breakout towards the next Fib.

1 hour

The USD/JPY is in a triangle. A break below the 38.2% Fibonacci level of wave 4 vs 3 invalidates the wave 4 (grey) count. A break above it could see the extension of wave 5 (grey).

Publication source
Admiral Markets information  Admiral Markets reviews

January 17, 2017
ECB policy was focused on avoiding deflation trap
Asian stock markets were mixed, with Japan and ASX heading south amid reports that U.K. Prime Minister May will announce plans for a hard Brexit at today’s keynote speech. Yen strength is also continuing to put pressure on the Japanese markets...
January 17, 2017
Trump's inauguration and May's speech to shape up the markets this week
Markets started the week with no sharp changes and lower trading volumes, due to the Martin Luther King Day in the US, ahead of the crucial monetary policy decisions of the ECB and BoC...
January 17, 2017
Yen strengthens as markets jittery ahead of May's press conference
The U.S. dollar was trading weak yesterday in a holiday thin trading session. The Japanese yen strengthened strongly in the early hours today as investors turn cautious ahead of the British PM...

Tickmill Rating Rating
HotForex Rating
Vantage FX Rating
FXCM Rating
FBS Rating

Grand Option Rating
Binary Brokerz Rating
Anyoption Rating
Porter Finance Rating
365BinaryOption Rating
TropicalTrade Rating