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Technical Analysis

EUR/USD, USD/JPY Pullback To 78.6% Fib At 1.0750 And 112.50

Typography

Currency pair USD/JPY

The USD/JPY is building a potential pull back and the 78.6% Fibonacci retracement level could be a support level. A break below the 100% Fibonacci level invalidates wave 2 (blue/brown).

The USD/JPY could be in a wave 5 (pink) of wave C (orange).

Currency pair EUR/USD

The EUR/USD is testing the 78.6% Fibonacci resistance level of wave 2 (purple). A potential break above the 100% level invalidates the current wave 1-2 (purple) structure. A break below support (green/blue) confirms a new downtrend within waves 3 (brown/green).

The EUR/USD is potentially building a hook back within a wave 1-2 (blue) but a break above the 100% Fibonacci level invalidates the wave structure.

Currency pair GBP/USD

The GBP/USD broke above the resistance trend line (dotted orange) which makes a continuation of the correction within a larger ABCDE (green) triangle more likely.

The GBP/USD broke above the resistance trend line (dotted orange) which makes a continuation of the correction within a larger ABCDE (green) triangle more likely.

About the Contributor
Admiral Markets
Author: Admiral MarketsWebsite: http://www.admiralmarkets.com/
The Wave Analysis it for today the most flexible, powerful and perspective tool which allows to predict tendencies which lead to certain changes on financial charts on all time pieces. One of properties of this tool is its insufficient formalisation, proceeding from it the opinion of the author of the forecast made on the basis of the Wave Analysis always is subjective. As the Wave Structure constantly varies, the forecast on the basis of the Wave Analysis reflects opinion of the author at the moment of the forecast publication. The Wave Analysis is not trading system. It not the generator of signals on the conclusion or an exit 1from the transaction, therefore the schematical direction of movement of the price put on the chart should not be for the trader the guide to action on opening of positions. In case of formation in the market of conditions which, according to the author it is possible to use for drawing up of the trading plan - on a chart levels of acknowledgement of the chosen scenario, optimum areas of an input and levels of cancellation of the chosen scenario will be specified in addition.
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