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GBP/USD crashes below 1.20 - Your capital is at risk
http://www.admiralmarkets.com/analyt...hes-below-1-20

GBP/USD
4 hour
https://fxmedia.s3.amazonaws.com/art...10-2016gu4.png
The GBP/USD broke support (dotted green) yesterday and surely did extend the decline towards the Fibonacci targets (see the multiple red arrows mentioned in yesterday's wave analysis). Of course, the massive drop went even further than 1.24. The news is mentioning two potential reasons: a big order was placed by accent (less likely variant), or more probable, algorithms triggered further selling which trigged more algorithms during a time with low liquidity. In any case, the sudden GBP drop and retracement most likely completed a wave 3 (green) and started a wave 4 (green). The Cable is expected to respect the Fibonacci levels of wave 4 vs 3.
1 hour
https://fxmedia.s3.amazonaws.com/art...10-2016gu1.png
The GBP/USD massive decline occurred at a time when the Cable was already in a strong bearish momentum this week. Waves 4 are typical choppy and correction and typically price will start to build a range or consolidation zone (arrows going sideways).

GBP/USD flash crash before Tokyo open

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GBP/USD outlook after 1,000 pip decline
http://www.admiralmarkets.com/analyt...00-pip-decline - Your capital is at risk

GBP/USD
4 hour
https://fxmedia.s3.amazonaws.com/art...10-2016gu4.png
The GBP/USD decline most likely completed a wave 3 (green), although an extension of wave 3 is possible if the down trend continues soon. The alternative is that a wave 4 (green) retracement started. The Cable is expected to respect the Fibonacci levels of wave 4 vs 3.
1 hour
https://fxmedia.s3.amazonaws.com/art...10-2016gu1.png
The GBP/USD could be starting a wave 4 correction, which is typically choppy and corrective. The Fibonacci levels are expected to act as support and resistance.

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GBP/USD builds triangle but USD/JPY keeps momentum
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GBP/USD
4 hour
https://fxmedia.s3.amazonaws.com/art...10-2016gu4.png
The GBP/USD decline completed a wave 3 (green) and is expected to respect the Fibonacci levels of wave 4 vs 3 within the wave 4 (green) correction.
1 hour
https://fxmedia.s3.amazonaws.com/art...10-2016gu1.png
The GBP/USD has been moving up and down in a choppy and corrective manner as expected in the previous wave analysis. Price could break the trend lines but the Fibonacci levels could react as support or resistance.
USD/JPY
4 hour
https://fxmedia.s3.amazonaws.com/art...10-2016uj4.png
The USD/JPY broke above the resistance of the daily downtrend channel (dotted red) but price still needs to break above the horizontal resistance of wave 1 (purple) before a higher high is confirmed. Once the break occurs, a bullish impulse wave seems to be developing (purple) which is most likely wave 3 (purple).
1 hour
https://fxmedia.s3.amazonaws.com/art...10-2016uj1.png
The USD/JPY turned at the 38.2% or 50% Fibonacci level (green arrows) of wave 4 (brown) as expected. The break above resistance (dotted red) has seen the USD/JPY move towards the Fibonacci targets (green arrows) but a break of the top (red) is still needed.
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EUR/USD breaks consolidation zone, GBP/USD bounces at 78.6% Fib
http://www.admiralmarkets.com/analyt...es-at-78-6-fib - Your capital is at risk

EUR/USD
4 hour
https://fxmedia.s3.amazonaws.com/art...10-2016eu4.png
The EUR/USD finally made a bearish break of the larger consolidation zone yesterday, which confirms the wave X (purple) and this bearish wave count of the last few weeks. The breakout has large momentum which could indicate a bearish continuation, although a bounce or retracement at the 50% and psychological round level of 1.10 could occur.
1 hour
https://fxmedia.s3.amazonaws.com/art...10-2016eu1.png
The EUR/USD is expanding the 5th wave (orange) and price is now falling towards the Fibonacci targets of wave 5 (grey). A bullish bounce or retracement at 1.10 could indicate that a wave A (green) has been completed and a wave B (green) will start.
GBP/USD
4 hour
https://fxmedia.s3.amazonaws.com/art...10-2016gu4.png
The GBP/USD was unable to post a lower low as expected in previous wave counts earlier this week. A triangle formation is the most likely structure at the moment as price builds a correction within wave 4 (green) after the huge decline last week in wave 3 (green).
1 hour
https://fxmedia.s3.amazonaws.com/art...10-2016gu1.png
The GBP/USD bounced at the 78.6% Fibonacci level and the bullish momentum after the bounce is indicating that new zigzag (orange) is taking place.

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EUR/USD reaches 1.10 round level in bearish ABC zigzag
http://www.admiralmarkets.com/analyt...ish-abc-zigzag - Your capital is at risk

EUR/USD
4 hour
https://fxmedia.s3.amazonaws.com/art...10-2016eu4.png
The EUR/USD made one more bearish push to reach the 50% Fibonacci level of wave D vs B and psychological round level of 1.10. A bullish 4 hour candle has appeared since price hit the 1.10 level, which could indicate that a wave A (green) has been completed. In that case an ABC zigzag (green) could occur. If price breaks the 1.10 support then a continuation of wave A (green) seems to be taking place (see 1 hour chart).
1 hour
https://fxmedia.s3.amazonaws.com/art...10-2016eu1.png
The EUR/USD break below 1.10 could see price fall towards 1.0960-50 as part of a choppy wave 5 (orange/grey) whereas a break above resistance (orange) could start wave B (green).

GBP/USD watch for 1.2225-50 zone *Your capital is at risk

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US Dollar bounces at S&R and prepares for crucial breakouts
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EUR/USD
4 hour
https://fxmedia.s3.amazonaws.com/art...10-2016eu4.png
The EUR/USD indeed showed a bullish bounce at the 50% Fibonacci level of wave D vs B and the psychological round level of 1.10 after a bullish 4 hour candle appeared yesterday. Price is probably in an ABC zigzag (green) and the Fibonacci levels of wave B (green) are expected to act as resistance. The EUR/USD has already bounced at the 38.2% Fib level but a break below the previous bottom is needed before a continuation to the 61.8% Fib of wave D vs B could occur.
1 hour
https://fxmedia.s3.amazonaws.com/art...10-2016eu1.png
Unless the EUR/USD breaks below the previous bottom at 1.0985, price could make an ABC (orange) zigzag within a larger wave B (green).

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GBP/USD, USD/JPY challenge S&R at 120 and 104.50
http://www.admiralmarkets.com/analyt...120-and-104-50 - your capital is at risk

USD/JPY
4 hour
https://fxmedia.s3.amazonaws.com/art...10-2016uj4.png
The USD/JPY needs to break above the previous of wave 1 (purple) before a larger uptrend (wave 3 purple) can start.
1 hour
https://fxmedia.s3.amazonaws.com/art...10-2016uj1.png
The USD/JPY seems to be starting the wave 5 (blue) with 5 internal waves (brown). A break above resistance is needed before price can potentially build wave 3 (brown).
Follow @ChrisSvorcik on twitter for latest market updates

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