Spider's Den

US Dollar slow bullish correction implies further weakness - Your capital is at risk
http://www.admiralmarkets.com/analyt...rther-weakness

EUR/USD
4 hour
https://fxmedia.s3.amazonaws.com/art...08-2016eu4.png
The EUR/USD is building a flat consolidation zone which is a passive correction. Prior to the correction, price was showing bullish momentum so a renewed bullish continuation seems likely at this point. The Fibonacci levels of wave 2 vs 1 are resistance levels, but a break above 100% invalidates the wave count.
1 hour
https://fxmedia.s3.amazonaws.com/art...08-2016eu1.png
The EUR/USD could move up higher via a bullish ABC zigzag (green) after it is able to break the resistance trend line (red).
GBP/USD
4 hour
https://fxmedia.s3.amazonaws.com/art...08-2016gu4.png
The GBP/USD is building a contracting triangle (red/green). The breakout will decide whether the Cable is bullish or bearish. Price is either in a bearish 123 (pink) or in a bigger ABC retracement (purple).
1 hour
https://fxmedia.s3.amazonaws.com/art...08-2016gu1.png
A bearish correction has indeed taken price back to the support trend line (green) which is a bounce or break spot. A bearish break could see price retest the next support trend line. A bullish bounce could see price develop a move back up to the test the Fibonacci levels of wave '2 vs 1'. A break above the 100% Fibonacci level of wave 2 vs 1 invalidates the bearish wave count.
USD/JPY
4 hour
https://fxmedia.s3.amazonaws.com/art...08-2016uj4.png
The USD/JPY bearish correction took price down to the 61.8% Fibonacci level of wave 'X vs W'. Price seems to be respecting the Fibo level and support trend line (green). A bullish bounce could take price back to resistance (yellow/red) whereas a bearish break could see price move to the lower Fib levels.
1 hour
https://fxmedia.s3.amazonaws.com/art...08-2016uj1.png
The USD/JPY is building a channel (blue), which could be a base for a new uptrend or a bear flag correction. This depends on whether price is able to break below support or above the channel resistance.
Follow @ChrisSvorcik on twitter for latest market updates

How drawing trend lines help traders of all experience levels, part 1 - Your capital is at risk
How drawing trend lines help traders of all experience levels, part 2 - Your capital is at risk

http://www.admiralmarkets.com/analyt...-levels-part-1
http://www.admiralmarkets.com/analyt...-levels-part-2

From yesterday Session Recap

Previous Session Recap video

EURUSD Ascending scallop in progress but watch for resistance

Forex market breaks trend lines and Fibonacci levels - Your capital is at risk
http://www.admiralmarkets.com/analyt...bonacci-levels

EUR/USD
4 hour
https://fxmedia.s3.amazonaws.com/art...08-2016eu4.png
The EUR/USD broke the resistance (red dotted) of the small consolidation zone and moved up towards the 61.8% Fibonacci retracement level, which has served as a resistance point till now. A push above this Fib could see price challenge the 78.6% Fib level of wave 2 vs 1, but a break above 100% invalidates the wave count.
1 hour
https://fxmedia.s3.amazonaws.com/art...08-2016eu1.png
The EUR/USD bounced at the 38.2% Fibonacci retracement of wave B vs A and is heading towards the Fibonacci targets of wave C vs A.
GBP/USD
4 hour
https://fxmedia.s3.amazonaws.com/art...08-2016gu4.png
The GBP/USD is building a contracting triangle (red/green). The breakout will decide whether the Cable is bullish or bearish. Price is either in a bearish 123 (pink) or in a bigger ABC retracement (purple).
1 hour
https://fxmedia.s3.amazonaws.com/art...08-2016gu1.png
The GBP/USD broke the resistance trend line (dotted orange) as expected yesterday after completing a wave X (grey). The bullish rally showed strong momentum and thus a larger ABC zigzag is expected for the moment (purple). The invalidation level of wave 2 (green) is at the 100% Fibonacci level of wave 2 vs 1.
USD/JPY
4 hour
https://fxmedia.s3.amazonaws.com/art...08-2016uj4.png
The USD/JPY broke the support trend line (dotted green) and 61.8% Fibonacci level and made a bearish breakout which took price to the next Fibonacci level at the 78.6%. A bullish bounce could indicate a deep correction whereas another bearish break below this Fib level favours a larger bearish trend.
1 hour
https://fxmedia.s3.amazonaws.com/art...08-2016uj1.png
The USD/JPY made a neat break of the trend line and channel (blue) followed by a quick down move towards the 78.6% Fib as explained in the Live Webinar at Admiral Markets yesterday.
Follow @ChrisSvorcik on twitter for latest market updates

Yuppy is going down

EUR/USD, GBP/USD display first signs of bearish momentum - Your capital is at risk
http://www.admiralmarkets.com/analyt...arish-momentum

EUR/USD
4 hour
https://fxmedia.s3.amazonaws.com/art...08-2016eu4.png
The EUR/USD showed a bearish turn at the 61.8% Fibonacci retracement level after which is broke the steep support trend line (dotted green). This could indicate the completion of wave 2 (brown) at the 61.8% Fib but a push higher could see price challenge the 78.6% Fib level of wave 2 vs 1. A break above 100% invalidates the wave count.
1 hour
https://fxmedia.s3.amazonaws.com/art...08-2016eu1.png
The EUR/USD is building bearish momentum which seems to be part of a wave 3. Any pullback should not go above the 78.6% Fibonacci level of wave 4 (blue) otherwise price invalidates the current wave count by moving above the bottom of wave 1 (blue).
GBP/USD
4 hour
https://fxmedia.s3.amazonaws.com/art...08-2016gu4.png
The GBP/USD will be impacted the Bank of England (BOE) rate decision on Thursday 4 August. The Cable is now building a contracting triangle (red/green). The breakout will decide whether the Cable is bullish or bearish. Price is either in a bearish 123 (pink) or in a bigger ABC retracement (purple).
1 hour
https://fxmedia.s3.amazonaws.com/art...08-2016gu1.png
The GBP/USD retraced back for a wave B (purple) and the pushed further for a new higher high, which could complete wave C (purple). At the moment the bearish momentum could lead to the start of a new wave 1-2 (blue) but the break of the triangle (purple lines) will indicate whether price can test the next resistance (orange) or support (green) lines.
USD/JPY
4 hour
https://fxmedia.s3.amazonaws.com/art...08-2016uj4.png
The USD/JPY is respecting the 78.6% Fibonacci level. A bullish bounce could indicate the completion of wave X (brown) whereas a bearish break could price fall further to test the 100% Fibonacci level.
1 hour
https://fxmedia.s3.amazonaws.com/art...08-2016uj1.png
The USD/JPY is building a channel (blue line). A break above or below the support or resistance of the channel could indicate the start of a bearish or bullish breakout.
Follow @ChrisSvorcik on twitter for latest market updates

GBP/USD Strong marubozu candle on daily chart * Your capital is at risk

Attached Image (click to enlarge)

GBP/USD plunges in bearish wave-3 after rate cut to record low - Your capital is at risk
http://www.admiralmarkets.com/analyt...-to-record-low
GBP/USD
4 hour
https://fxmedia.s3.amazonaws.com/art...08-2016gu4.png
The GBP/USD was impacted by the Bank of England's (BOE) decision to cut the interest rate from 0.5% to a record low of 0.25%. The Cable broke below the support level (dotted green) of the contracting triangle, which could trigger the start of more bearishness especially if price break below horizontal support and if it stays below the resistance (red).
1 hour
https://fxmedia.s3.amazonaws.com/art...08-2016gu1.png
The GBP/USD made a strong bearish momentum yesterday which has been labelled as a wave 3 (blue). The wave 3 (blue) could still be ongoing but if a retracement does occur, then the Fibonacci levels of wave 4 (blue) should act as resistance.

EUR/USD, GBP/USD break support lines and build wave-4 corrections - Your capital is at risk
http://www.admiralmarkets.com/analyt...-4-corrections

EUR/USD
4 hour
https://fxmedia.s3.amazonaws.com/art...08-2016eu4.png
The EUR/USD seems to have completed a wave 2 (brown) correction but more bearish momentum is needed before this can be confirmed.
1 hour
https://fxmedia.s3.amazonaws.com/art...08-2016eu1.png
The EUR/USD broke the support trend line (dotted green), which completed wave 5 (green) of wave 3 (blue). The current pullback is expected to turn at shallow Fibonacci levels of wave 4 (blue).
GBP/USD
4 hour
https://fxmedia.s3.amazonaws.com/art...08-2016gu4.png
The GBP/USD keeps pushing lower with lower lows and lower highs. The bearish breakout is part of a wave 3 (pink) of wave 5 (blue) unless price breaks above the resistance line (red).
1 hour
https://fxmedia.s3.amazonaws.com/art...08-2016gu1.png
The GBP/USD completed a wave 4 (grey) pullback as expected and then broke support levels (dotted green) to complete wave 5 (grey) of wave 3 (blue). The 4 (blue) retracement is expected to stop at shallow Fibonacci levels. A break above the 61.8% makes the current wave count unlikely.

EUR/USD strong support within 1.1050 zone

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Trade of the week:

US Dollar cautiously developing bullish first wave - Your capital is at risk
http://www.admiralmarkets.com/analyt...ish-first-wave

EUR/USD
4 hour
https://fxmedia.s3.amazonaws.com/art...08-2016eu4.png
The EUR/USD is building a downtrend with lower lows and lower highs, which would be invalidated if price manages to break above the resistance trend line (red). A break below the support levels (greens) should see a continuation of the bearish momentum.
1 hour
https://fxmedia.s3.amazonaws.com/art...08-2016eu1.png
The EUR/USD is building an ABC (green) correction within wave 4 (blue). A break below the support level (green) could spark the start of the 5th wave (blue) whereas a break above the 50% Fibonacci level makes the development of a wave 4 (blue) less likely.
GBP/USD
4 hour
https://fxmedia.s3.amazonaws.com/art...08-2016gu4.png
The GBP/USD would need to reach at least the 100% Fibonacci level before a wave 3 (pink) is confirmed but for the moment a bearish breakout is pushing with lower with lower lows and lower highs.
1 hour
https://fxmedia.s3.amazonaws.com/art...08-2016gu1.png
The GBP/USD completed a wave 4 (blue) pullback as expected and then broke support levels (dotted green) to continue with the bearish momentum of wave 5 (blue). Price could now be heading towards the Fibonacci targets of wave 5 (blue).
USD/JPY
4 hour
https://fxmedia.s3.amazonaws.com/art...08-2016uj4.png
The USD/JPY broke above the smaller resistance (dotted pink), which is confirming the larger bullish bounce at the support trend line (green). Price is slowing developing a trend reversal but a break above resistance (orange/red) is needed before larger bullish moves could be expected.
1 hour
https://fxmedia.s3.amazonaws.com/art...08-2016uj1.png
The USD/JPY seems to be building a bull flag chart pattern (green/red lines) within an impulsive wave 3 (pink or green).
Follow @ChrisSvorcik on twitter for latest market updates

GBPUSD Winner from yesterday Session Recap

AUDUSD Session Recap

EUR/USD, GBP/USD switch momentum direction after bullish breakout - Your capital is at risk
http://www.admiralmarkets.com/analyt...llish-breakout

EUR/USD
4 hour
https://fxmedia.s3.amazonaws.com/art...08-2016eu4.png
The EUR/USD managed to break above the resistance trend line (dotted red), which has indicated has lead to a change in wave structure where wave 1 (purple) has been completed at the recent bottom. Wave 2 (purple) is invalidated if price manages to break above the 100% Fibonacci level.
1 hour
https://fxmedia.s3.amazonaws.com/art...08-2016eu1.png
The EUR/USD broke the resistance with strong momentum which indicates a potential wave C (blue).
GBP/USD
4 hour
https://fxmedia.s3.amazonaws.com/art...08-2016gu4.png
The GBP/USD bearish breakout below the support trend line (dotted green) has not shown the momentum which a wave typically has. Therefore, the wave count now shows a wave 4 (blue) completed at the recent top. Price is either completing a 5th wave (blue) or more likely expanding it via an internal 5 waves (pink) as shown in the image.
1 hour
https://fxmedia.s3.amazonaws.com/art...08-2016gu1.png
The GBP/USD broke the resistance trend line (dotted red) and is building a bullish ABC zigzag (green).

EUR/CHF bullish but close to historical sellers

US Dollar is close to completing wave 2 correction - Your capital is at risk
http://www.admiralmarkets.com/analyt...e-2-correction
USD/JPY
4 hour
https://fxmedia.s3.amazonaws.com/art...08-2016uj4.png
The USD/JPY seems to be building a hook back to the support tend line (green). A bearish break would invalidate wave 1-2 (green) and revive the downtrend. A bullish bounce could see price rally to the Fibonacci targets of wave 3 (green) and the resistance trend lines (orange/red).
1 hour
https://fxmedia.s3.amazonaws.com/art...08-2016uj1.png
The USD/JPY seems to be respecting the 78.6% Fibonacci level of wave 2 (green) and has broken the resistance trend line (dotted red).
Follow @ChrisSvorcik on twitter for latest market updates

The trade of the week GBPUSD . Live setup during Session Recap.