Spider's Den

Key triangles visible on 3 major Forex pairs - Your capital is at risk
EUR/USD
4 hour
https://fxmedia.s3.amazonaws.com/art...05-2016eu4.png
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
https://fxmedia.s3.amazonaws.com/art...05-2016eu1.png
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).
GBP/USD
4 hour
https://fxmedia.s3.amazonaws.com/art...05-2016gu4.png
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
https://fxmedia.s3.amazonaws.com/art...05-2016gu1.png
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).
USD/JPY
4 hour
https://fxmedia.s3.amazonaws.com/art...05-2016uj4.png
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
https://fxmedia.s3.amazonaws.com/art...05-2016uj1.png
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).
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The only valid poll is this one.

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USDJPY analysis READ IT HERE

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Amazing webinar Chris and Nenad on support and resistance, lots of useful points. cheers

thank you, appreciate it
Decisive movements for EURUSD downtrend and GBPUSD triangle - your capital is at risk
EUR/USD
4 hour
https://fxmedia.s3.amazonaws.com/art...05-2016eu4.png
The EUR/USD is building another bear flag chart pattern (orange) within the downtrend channel (red/green). Wave C (blue( 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 (orange).
1 hour
https://fxmedia.s3.amazonaws.com/art...05-2016eu1.png
The EUR/USD is most likely building a wave 4 (grey) retracement as long as price stays below 61.8% Fibonacci retracement level. A break below the small support trend line (solid green) could spark the bearish breakout for wave 5 (orange).
GBP/USD
4 hour
https://fxmedia.s3.amazonaws.com/art...05-2016gu4.png
The GBP/USD is building a contracting triangle between support (green) and resistance (red). 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 (purple) more likely.
1 hour
https://fxmedia.s3.amazonaws.com/art...05-2016gu1.png
The GBP/USD broke the triangle on Friday to the down side (dotted green). Price is showing bearish momentum which can be explained by a 3rd wave (green) or C wave (orange). A break above the 50% Fibonacci level invalidates a wave 4 (green).
USD/JPY
4 hour
https://fxmedia.s3.amazonaws.com/art...05-2016uj4.png
The USD/JPY seems to have completed a wave 3 (purple) and is now retracing back as part of a wave 4 (purple). Typical wave 4 retracements are the 23.6% and 38.2% Fibonacci levels. There are also trend lines which are providing extra support (blue lines).
1 hour
https://fxmedia.s3.amazonaws.com/art...05-2016uj1.png
The USD/JPY is in a bearish zigzag (orange) which has taken price down to the trend line and 23.6% Fibonacci level.
Follow @ChrisSvorcik on twitter for latest market updates‏

Whilst most economists are now predicting further cuts by the RBA, some saying even the cash rate may drop to 1% (meaning another -75bps), this is putting some downward pressure on the AUD.

As for the NZD, it is largely reliant on its Dairy trade as its key exports, and there has been a lot of media on the weak dairy prices. Keep an eye out for the RBNZ to intervene if the AUDNZD approaches parity, as its one of its key export markets, and they may follow the RBA with further rate cuts which may see the NZD change direction against the AUD.

Technically POC comes within 1.0650-60 zone (L3,23.6, Breakout-retest) while deeper retracement may target 1.0685-95 zone (61.8, DPP, H3,inner trend line, EMA89). We could expect fresh sellers to kick in within POC zones targeting 1.0615 and 1.0570.

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Thanks a lot for your comments! Cheers!

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The EURUSD broke through 1.1175 level as I showed on Live Session Recap webinar, touching the target. Now, trade should be focused on 1.1140 important support (X - Cross with equidistant lower channel line). Pullbacks towards 1.1250 could be shorted as 1.1250-70 is important cluster of resistance - POC zone (WPP, H3, EMA89, inner trend line). The pair is making a slow grind towards lower levels.
If 1.1130 fails, 1.1050 is next. Downside will stay intact as long as POC zone holds. Only if price breaks through 1.1270 we can expect an uptrend with 1.1390 as the target.

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Hi T,
What market profile indicator do you use to get the POC? thanks
Much respect for all the work,
V.

EURUSD, GBPUSD break long-term resistance but with different wave counts - your capital is at risk
http://www.admiralmarkets.com/analyt...nt-wave-counts

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Our previous GBPUSD predictions came true, though after a bigger pullback and the pair has made a strong bounce to the upside. Again, fears of Brexit diminished and the pound has been bought on dips.
Today's Second Estimate GDP came as expected and it is important because it measures a change in the inflation-adjusted value of all goods and services produced by the economy. Technically GBPUSD has made a form of ascending scallop pattern. POC (DPP, L3, 61.8, double top breakout) comes within 1.4660-70 zone and pullbacks toward the zone could be used for long trades. The targets are 1.4740 and 1.4770. If the pair breaks 1.4770 with a strong momentum or we see a 4h close above it, next target is 1.4825.

+30 pips now

2 rejections before the drop