| Daily Forex Technicals | Written by Admiral Markets | Nov 26 15 07:03 GMT |
Currency pair EUR/USD The EUR/USD continues its downtrend but the angle of the channel remains shallow. Divergence (purple) and the yearly low (green) also remain present. The EUR/USD broke the channel (dotted green) and posted one more lower low. Price however failed to break below the 138.2% Fibonacci level which therefore does not invalidate the wave X (blue) Currency pair GBPUSD The GBP/USD is in a downtrend but a support trend line (green) is nearby, which will act as important bounce or break spot. A break could accelerate the wave 3s (pink/blue), whereas a bounce makes a wave C (purple) more likely. The GBP/USD is in a downtrend but a support trend line (green) is nearby, which will act as important bounce or break spot. A break could accelerate the wave 3s (pink/blue), whereas a bounce makes a wave C (purple) more likely. Currency pair USD/JPY The USD/JPY is building a bearish ABC (blue) correction, which have difficulties with breaking below the various support lines (green). The USD/JPY is positioned in between flat support (green) and a bearishly angled resistance (red). Price could either have retraced for a wave 4 (green) or could be starting a new bullish impulse (pink). |
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Admiral Markets
Notes
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 from 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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