EUR/USD Remains Bullish After Completing Bearish ABC at 1.1050

EUR/USD

4 hour

The EUR/USD needs to break above the resistance trend line (red) to confirm (green check) a bullish breakout, which is likely aim at the Fibonacci targets of wave 5 vs 1+3 and the next resistance (red). A break below the 61.8% Fibonacci of wave 4 vs 3 makes the wave 4 (green) pattern less likely (red x) and could send price lower (dotted orange) to the next Fib levels of wave 2 vs 1 (78.6%).

1 hour

The EUR/USD seems to have completed a bearish ABC (orange) correction within wave 4 (green). The bullish bounce could indicate a potential wave 1 (orange) and the current pullback could still be part of a wave 2 (orange) as long as the price action remains above the 100% Fibonacci level. A break below that 100% Fib invalidates (red x) the wave 1-2 whereas a bullish breakout confirms it (green check).

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Good trading,
Chris Svorcik
Elite CurrenSea

XAU/USD Bullish ABC Pattern Aims at $1500 Resistance

XAU/USD

4 hour

The XAU/USD seems to be building a complex WXY correction (green) within wave 4 (blue) as long as the price stays below the Fibonacci retracement levels of wave B vs A. A break above the resistance trend line (red) indicates that the wave 4 (blue) pattern has already been completed at the 38.2% Fib level of wave 4 vs 3 whereas a break below the support (blue) indicates a bearish continuation towards the 50% Fib of wave 4 vs 3.

1 hour

The XAU/USD seems to be completing a bullish ABC (dark red) zigzag correction within a potential wave B (orange). The usual retracement Fib for such a wave B is the 61.8% level (green check). A break above the 78.6% and key $1500 resistance makes the ABC pattern less likely (red x) whereas a break below support (blue) could send the price lower (orange arrow).

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Good trading,
Chris Svorcik
Elite CurrenSea

USD/JPY Bearish Reversal at 61.8% Fibonacci Resistance Near 109

USD/JPY

4 hour

The USD/JPY has been showing increased volatile and choppy price action after it came close to hitting the round resistance level of 110. The rising wedge pattern in the middle of the chart suggests that a wave 5 (pink) of wave 1 (light purple) has been completed and that the current pattern is part of a bearish retracement. A break below support (blue) could confirm (green check) the extended and complex WXY (pink) correction towards the Fibonacci levels of wave 2 vs 1.

1 hour

The USD/JPY is probably building a bearish ABC (purple) zigzag pattern as long as the price stays below the 100% Fibonacci level (red x). A break above that 100% Fib could indicate a larger bullish push (dotted green lines) whereas a break below support (blue) could confirm (green check) the downtrend.

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Good trading,
Chris Svorcik
Elite CurrenSea

GBP/USD Full Steam Ahead with 1.30 Resistance Nearby

GBP/USD

4 hour

The GBP/USD bullish breakout above resistance (red) confirms (green check) the wave 5 (green) of a larger wave 3 (pink). It also invalidates (red x) the old wave 4 (purple) outlook. A bullish break (green arrows) would usually be aiming at the 61.8% Fibonacci target of wave 5 vs 1+3 at 1.3270. The dotted arrows indicate the alternative path of price if a breakout fails.

1 hour

The GBP/USD is breaking above the resistance trend line (dotted red) of the uptrend channel. At the moment, the price is likely to test the key resistance level at 1.30, which is a critical decision zone for a bounce or break. A breakout (green arrows) above 1.30 confirms (green check) a full scale uptrend whereas a push below the channel invalidates (red x) impulsive wave outlook.

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Good trading,
Chris Svorcik
Elite CurrenSea

EUR/USD Downtrend Continuation After 1.10 Support Level Break

EUR/USD

4 hour

The EUR/USD bearish continuation could take place if price is able to make a bearish bounce and breakout (green checks). The main target is the 78.6% Fibonacci level at 1.0940-50, which is where the wave 2 (purple) pattern is expected to be completed. A break above the 144 ema and below the 100% Fibonacci level invalidates (red x) some part of this wave outlook.

1 hour

The EUR/USD is testing and bouncing at the 38.2% Fibonacci retracement level of wave 4 (orange). A break above the 61.8% Fib of wave 4 vs 3 invalidates (red x) the wave pattern whereas a breakout could confirm (green checks) the final push of waves 5 of wave C (blue).

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Good trading,
Chris Svorcik
Elite CurrenSea

AUD/USD Long-term Downtrend Continues After Completing WXY Correction

AUD/USD

Daily

The AUD/USD daily chart is in a long-term downtrend. Price has recently made a strong bearish bounce at the resistance trend line (red) after completing a complex WXY (blue) correction. The current bearish breakout (green check) is likely to test the previous bottom (blue) unless price breaks above the resistance (red) as this invalidates (red x) the current wave outlook.

4 hour

The AUD/USD is bearish breakout looks like a wave 3 (blue) pattern as price is breaking below the 161.8% Fibonacci target. A bullish pullback (green arrow) could indicate the end of the wave 3 and the start of a wave 4 but a downtrend is expected to bounce at the previous resistance. A bearish continuation would confirm a wave 3 (blue) extension towards the Fib targets of wave 3 vs 1.

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Good trading,
Chris Svorcik
Elite CurrenSea

USD/JPY Complex Correction Forms Bull Flag Pattern

USD/JPY

4 hour

The USD/JPY needs to make a breakout above the resistance trend line (red) to confirm (green check) the uptrend continuation. A bullish breakout is aiming for the Fibonacci targets of wave 5 vs 1+3 and the next resistance line (red). A break below the support trend lines and 61.8% Fibonacci retracement level invalidates (red x) the wave 4 (blue) pattern.

1 hour

The USD/JPY seems to be building a complex WXY (green) correction with the current retracement looking like an ABC correction (orange). The current bullish price action could face strong resistance (red) line and Fibs of wave B vs A and a bearish bounce could send the pair towards the bottom (green check) of the flag channel. A break above the 78.6% Fib makes an immediate breakout also possible. A bullish bounce at the 50% Fibonacci level of wave 4 (blue) confirms this wave 4 (blue) pattern whereas a bearish breakout below the 61.8% of wave 4 vs 3 invalidates (red x) it.

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Good trading,
Chris Svorcik
Elite CurrenSea

GBP/USD Bullish Reversal Completes Bearish Wave C Pattern

GBP/USD

4 hour

The GBP/USD is showing two different waves 4 (purple/green), which are contradictory to each other because one of the two must eventually be invalidated. A breakout above the top could confirm (green check) the wave 5 (green) pattern but invalidate the wave 4 (purple) retracement. A bearish breakout below 1.25 could make the wave 4 (purple) more likely.

1 hour

The GBP/USD strong bullish momentum is indicating that a bearish wave 5 (dark red) of the wave C (orange) has been completed at the recent low. The bullish impulse is probably a wave 3 (dark red) and the current pullback is a potential wave 4 (dark red) as long as the retracement stays above the 61.8% Fib and the support trend line (blue), otherwise this pattern becomes invalidated (red x). A bullish breakout (green x) could confirm the uptrend continuation towards the Fibonacci targets.

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Good trading,
Chris Svorcik
Elite CurrenSea

EUR/USD Bearish Wave C Prepares for Break Below 1.10

EUR/USD

4 hour

The EUR/USD seems to be completing an ABC (blue) flat correction. The current bearish swing is potential wave C (blue), which includes 5 impulsive (green) waves. The current wave 1-2 (purple) pattern remains valid (red x) as long as price stays above the bottom  and 100% Fib level. A push higher and above the 1.1050 resistance could confirm (green check) a bullish reversal.

1 hour

The EUR/USD seems to be extending the 5th wave (green) with another 5 waves (orange/dark red). Another bearish push below the support (blue) could confirm (green check) the breakout as long as price stays below the key (red x) resistance level (red). Price is expected to fall towards the Fibonacci targets.

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Good trading,
Chris Svorcik
Elite CurrenSea

DAX30 Uptrend Requires Pullback to 38.2% Fibonacci

DAX 30

4 hour

The DAX 30 index could build a wave 4 (dark red) retracement back to the Fibonacci support levels of wave 4 vs 3 if price manages to break below the support trend line (green). A bullish bounce at the wave 4 Fibs could confirm (green check) the bullish trend continuation whereas a break below the 61.8% Fib invalidates (red x) the expected wave structure. A breakout is aiming for the Fibonacci targets (red circle).

1 hour

The DAX 30 could build a bearish ABC (green) pullback to the Fibonacci levels of wave 4 vs 3. The main bouncing spot (green check) for an uptrend continuation (green arrows) is probably the 38.2% Fibonacci retracement level.

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Good trading,
Chris Svorcik
Elite CurrenSea

USD/JPY Prepares for 5 Bearish Waves Aiming at 107.80

USD/JPY

4 hour

The USD/JPY could be building a bearish ABC (pink) correction pattern as long as price stays below the 138.2% Fibonacci level of wave B vs A. A break below the support trend line (blue) confirms a larger wave C (pink) and is likely to aim at the previous bottom (orange arrow), which could be a bouncing a spot (green arrows).

1 hour

The USD/JPY seems to have completed a bullish ABC (purple) zigzag pattern at the previous high. The current bearish price action could indicate a 5 wave pattern in an ABC flat correction (pink) if price manages to break (green check) support and stay below resistance (red x). The main target is the 100% Fibonacci level of wave C vs A.

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Good trading,
Chris Svorcik
Elite CurrenSea

GBP/USD ABC Sideways Range Indicates Volatility

GBP/USD

4 hour

The GBP/USD bullish breakout (green arrow) would aim for the Fibonacci targets of wave 5 vs 1+3 and also invalidate (red x) the wave 4 (purple) pattern. A bearish breakout needs to push below the 38.2% Fib of wave 4 vs 3 before a larger reversal becomes likely.

1 hour

The GBP/USD wave analysis prefers a bullish bounce at the support zone (blue) to complete the wave C (orange) of the ABC correction. A mild bullish bounce could indicate the development of an ABCDE triangle pattern instead. A bearish breakout could send the price towards the Fibonacci level support. If price breaks below 1.2750 then this could indicate larger bearish reversal and the wave 4 (green) is not invalidated but does become less likely (red x). Any bullish breakout (green check) could send the Cable higher towards the resistance line (red).

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Good trading,
Chris Svorcik
Elite CurrenSea

EUR/USD Testing 1.11 Support After Failing to Break 1.12

EUR/USD

4 hour

The EUR/USD is still above support and is now testing the support line (blue) of the uptrend channel. A bullish continuation still remains likely as long as price stays above the horizontal support (blue) at 1.1075. A break below this support invalidates (red x) the current wave patterns whereas a bullish breakout confirms (green check) the uptrend within wave 5 (blue).

1 hour

The EUR/USD bearish retracement is testing the support Fibonacci levels of wave 4 vs 3. A bearish break could send price back towards the previous bottom (blue), which is a new decision zone for a break and invalidation (red x) or bullish bounce (green arrow). A bullish bounce, however, could indicate an uptrend (green checks) towards the Fibonacci targets of waves 5.

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Good trading,
Chris Svorcik
Elite CurrenSea

XAU/USD Ascending Wedge Favors Bull Break to $1525

XAU/USD (Gold)

4 hour

The XAU/USD will need to break above the resistance trend line (red) before a larger bullish breakout and an uptrend continuation can be confirmed (green check). The bullish outlook remains valid as long as price stays above the support (blue) and bottom of wave 2 (green) but price could make a retracement if a wave 1 (orange) pattern develops.

1 hour

The XAU/USD seems to have completed a wave 4 (dark red) after bouncing at the 50% Fibonacci level of wave 4 vs 3. A break below the 50% Fib invalidates (red x) the wave 4 whereas a bullish breakout confirms (green check) a push higher towards the Fibonacci targets. The chart looks like an ascending wedge, which usually breaks up.

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Good trading,
Chris Svorcik
Elite CurrenSea

USD/JPY Bearish Reversal Aims at 107.50 after Pullback

USD/JPY

4 hour

The USD/JPY bearish impulse is probably a wave A (pink) of a larger ABC (pink) zigzag within potential wave 2 (purple). The wave A (pink) might not yet be completed and could extend lower towards the 38.2% Fibonacci level of wave 2 vs 1 before finding stronger support.

1 hour

The USD/JPY has probably completed an impulsive wave 3 (purple) at the recent low. The pullback is expected to be a shallow and corrective move up as part of a wave 4 (purple) correction as long as price stays below (red x) the 61.8% Fibonacci retracement level of wave 4 vs 3. A bearish breakout could confirm (green check) the bearish continuation.

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Good trading,
Chris Svorcik
Elite CurrenSea

GBP/USD Bullish Bounce Favors Wave 4 Pullback and Uptrend

GBP/USD

4 hour

The GBP/USD seemed like it was completing a bullish ABC (blue) zigzag pattern within the wave 4 (purple) but the current corrective price action is not confirming any bearish reversal. In fact, the choppy price behavior is typical for a wave 4 (green) pattern and a bullish breakout above the round resistance level of 1.30 could indicate (green check) a wave 5 (green). A break below the 50% Fibonacci level invalidates (red x) this wave 4-5 (green).

1 hour

The GBP/USD made a bullish bounce at the support zone, which could indicate a wave 1-2 (orange) pattern if price manages to stay (red x) above the support line (green). A bullish breakout (green check) could confirm the bullish wave 3 (orange) towards the Fibonacci targets of wave 3 vs 1.

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Good trading,
Chris Svorcik

EUR/USD Bullish Reversal Keeps Uptrend Hopes Alive

EUR/USD

4 hour

The EUR/USD will need to break above the resistance trend line (red) of the correction before an uptrend is possible. The bullish breakout (green check) should aim for the Fibonacci targets of wave 3 vs 1 with as main target the 161.8% Fibonacci level (red circle). A bearish breakout invalidates (red x) the current wave pattern and wave 4 (blue).

1 hour

The EUR/USD is building a potential wave 3 (green) after the bearish pullback failed to break below the previous support (bottom of wave 1 green). A bullish breakout could confirm (green check) the wave 3 pattern and indicate momentum towards the Fibonacci targets

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Gold Expects One Lower Low Before Uptrend Restarts

XAU/USD

4 hour

The XAU/USD will probably make one more decline to complete a bearish ABC (orange) correction, which could complete a wave 2 (green) retracement. This remains valid as long as price is able to stay above the 100% Fibonacci level of wave 2 vs 1, because a break below invalidates (red x) the wave pattern. A bullish bounce at the Fibs and breakout above the resistance trend line (red) could confirm (green check) the bullish trend.

1 hour

The XAU/USD showed strong bearish momentum which could indicate a wave 3 (dark red). If that is true, then the current pullback should remain shallow and not break above the 50% Fib retracement level of wave 4 vs 3 otherwise the current wave pattern is invalidated (red x). A bearish breakout confirms (green check) the wave 5 (dark red) continuation towards the Fibonacci levels of wave 2 vs 1.

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USD/JPY Bulls Aim at 110 with Break Before Wednesday

USD/JPY

4 hour

The USD/JPY remains above the broken resistance of the triple top, which means that the bulls are currently in control. The bullishness only becomes invalidate (red x) if price action is able to break below the support (blue box) whereas a bullish breakout above resistance (red) is aiming for the Fibonacci targets of wave 3 vs 1.

1 hour

The USD/JPY seems to be building a potential wave 1-2 (blue) pattern as long as price stays above the start of wave 1 (blue) and the end of wave 4 (purple). A bullish breakout is aiming for the Fibonacci targets of wave 3 vs 1. It would be best if the breakout took place on Monday or Tuesday, otherwise the correction is taking too long and the bears might wrestle back control.

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EUR/USD Must Reveal Its Cards at 1.11 Support

EUR/USD

4 hour

The EUR/USD could have completed a wave 4 (blue) retracement if price is able to stay above the 50% Fibonacci of wave 4 vs 3. A break above the resistance trend line (red) could confirm the bullish breakout and indicate a move up towards the Fibonacci targets of wave 3 vs 1. However, a break below the 50% Fib and support trend line (blue) however indicates a bearish reversal towards 1.1050, 1.10, and possibly even 1.0950.

 

1 hour 

The EUR/USD bearish price action looks choppy and corrective, which could confirm the ABC (green) wave pattern within wave 4 (blue). This could change if price is able to show a strong breakout below the support zone. The 1.11 price level is from this perspective a key decision zone.