GBPUSD, USDJPY bullish breaks slam into fresh resistance

April 19, 2016

EUR/USD
4 hour

The EUR/USD remains in the small bear flag chart pattern (orange and green trend lines). Price could use the broken support (dotted green) as resistance but a break above it (purple) could indicate that the bearish price action was a mere retracement. A bearish break of the bear flag could indicate that a larger retracement or even reversal (and completion of wave 4) is taking place.

1 hour

The EUR/USD chart is showing 2 wave possibilities. The main scenario is a bearish impulsive 5 wave which could occur when the bear flag breaks. The alternative is a bullish break of the channel and resistance line (purple), which invalidates the impulsive 5 waves.

GBP/USD
4 hour

The GBP/USD made a bullish break of the contracting triangle (green/red) chart pattern and is now expanding the wave Y corrections.

1 hour

The GBP/USD broke above resistance (dotted yellow) and is thereby showing the potential for a bullish ABC zigzag (blue).

USD/JPY
4 hour

The USD/JPY failed to break below the bottom (green) and made a bullish bounce for a triple bottom chart pattern. Price seems to be expanding the wave 4 (green) correction via WXY (pink).

1 hour

The USD/JPY broke above the resistance trend line (dotted red) but now is approaching a resistance zone (red) and Fibonacci targets, which could become a bearish bouncing spot. A break above the targets could indicate a change of the wave count and indicate a completion of wave 4 and 5 (green).

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