Bearish momentum aligned with wave outlook and Fibonacci

28 April, 2016

EUR/USD
4 hour

The EUR/USD is in bullish trend channel (purple) with resistance trend lines (orange) closeby. A bearish bounce would confirm the wave X (green) correction; whereas a bullish breakout would see the larger WXY (purple) develop towards resistance (red).

1 hour

The EUR/USD needs to break below the channel before a bearish correction becomes a more likely scenario. For the moment a bearish ABC (orange) could be taking place but the wave count is vulnerable to change if price stays in the channel and/or breaks above the 100% level.

GBP/USD
4 hour

The GBP/USD seems to have completed the bullish ABC zigzag at horizontal resistance (red). Price is now testing the inner support trend line (green) and a bearish break could indicate a change to a downtrend. A break above resistance invalidates the current wave structure and indicates the potential for an uptrend.

1 hour

The GBP/USD seems to have completed 5 bullish waves within wave C (blue). Price is now respecting a layer of support (green) and has resistance above it. Price will need to break below support before a bearish momentum could start.

USD/JPY
4 hour

The USD/JPY is moving down lower with lots of bearish momentum. Price was not able to break above resistance, which was in accordance with the wave analysis of the previous 2 weeks.

1 hour

The USD/JPY made a bearish break below the support trend lines (dotted green) and seems to be starting a new bearish impulse.


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Rising wedges signal completion

The EUR/USD has broken long-term support levels (dotted green) but still has important and decisive horizontals levels to break before a wave 5 (blue) of wave C (purple) can be confirmed...

Impact Brexit vote on Forex market

The GBP/USD managed to break the resistance trend line (dotted red) despite the British vote on the EU membership taking place today (Thursday June 23rd). The bullish price action is most likely reflecting a reaction towards the opinion polls...

Major currency pairs smack into barrier of resistance

The EUR/USD has made a slight bearish bounce at the resistance trend line (red). The bullish momentum, however, is still in control and a breakout could see price move towards the Fibonacci levels. Of course, all currency pairs will be impacted by the British vote on Thursday June 23rd...


Major currency pairs reach key Fibonacci levels

The EUR/USD broke the support trend line (dotted green) after yesterday's strong bearish 4 hour candle appeared. From a long-term perspective price is still above key support such as the daily trend line (solid green)...

Remarkable wave patterns develop in Forex market

The EUR/USD did not manage to break above the 61.8% Fibonacci resistance level and instead broke below the support trend line (dotted green). This bearish breakout has seen strong momentum but price is still above long-term support (green)...

Strong bullish price action remains leading factor

The EUR/USD retraced back to the 23.6% Fibonacci level of wave B (orange) and could now be building a channel (red/blue). A break below the channel could indicate that price is retracing back to the 38.2% Fibonacci level...


Majors dominated by robust downtrend channels

The EUR/USD is pausing at the 100% Fibonacci level of wave C versus wave A. 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 (purple)...

Key triangles visible on 3 major Forex pairs

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...

EURUSD, GBPUSD respect 38.2% Fibonacci level and build triangle

The EUR/USD broke the internal resistance trend line (dotted orange) and made a move up to the 38.2% Fibonacci level of wave B (blue). Price is now challenging the long-term support trend line (green)...

  


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