GBP/USD H1

General Overview for 23/05/2014:

The market is still in a upward red channel that might be considered as a corrective one. The breakout to the downside from this channel is valid if the level of 1.6848 is broken, otherwise the price might continue to trade to the upside. The key level for Bears is the intraday supply zone between the levels of 1.6903 - 1.6920. Only a clear breakout higher is a first confirmation, that last leg of Ending Diagonal wave (5) is in progress and new highs will be made.
On the other hand, any downside breakout below the level of 1.6848 is the first clue that the wave (b) is in progress and it might even target the levels below  previous wave (4) low.

Suppor/Resistance:
1.6995 - Swing High
1.6939 - 78%Fibo
1.6903 - 1.6920 - Supply Zone
1.6894 - 61%Fibo
1.6848 - Intraday Support
1.6818 - Weekly Pivot
1.6806 - Technical Support

Trading Recommendations:
Please wait for a clear breakout in either direction BEFORE making a trade decision. Buy/Sell Stops orders should be placed on extreme levels. Bias is neutral right now.

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EUR/USD H1

General Overview for 07/05/2014:
The impulsive wave progression has not been finished yet as there is couple of waves to be developed. The wave (iii) target is at the level of  1.3960 and then correction for wave (iv) is expected. The range of the correction shoudn't go below the level of 1.3913. The last target for wave (v) is at the round number of 1.4000. Please keep an eye on this level because it is very important what the market will do there.

Support/Resistance:
1.4000 - Round Number Resistance| Target for wave (v)|
1.3967 - WR2
1.3960 - Target for wave (iii)
1.3930 - WR1
1.3885 - Invalidation Level
1.3851 - Weekly Pivot

Trading Recommendations:
Buy the dips with target at the level of 1.4000.

AUD/USD H4

General Overview for 06/05/2014:
The correction in this pair continues in shape of a Double Three complex cycle. The invalidation level is at 0.9137. Please notice on the next chart, that the market is highly geometrical and full of proportions, both from arithmetrical and geometrical ( pink and blue rectangles). This is another support that the overall cycyle is just a correction. Breakout and close on Daily TF above the golden channel is needed to confirm correction is over.



Support/Resistance:
0.9459 - Swing High
0.9450 - WR3
0.9383 - WR2
0.9336 - WR1
0.9316 - Technical Resistance
0.9286 - Weekly Pivot
0.9222 - WS1
0.9205 - Technical Support
0.9156 - WS2
0.9137 - Invalidation Level

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