US Dollar weakness continues to rock the Forex boat

April 29, 2016

EUR/USD
4 hour

The EUR/USD broke above resistance (dotted orange), which expands the larger WXY (purple) development towards resistance (red). As long as price stays in the bullish channel, then a continuation of the uptrend is likely as part of the Y waves.

1 hour

The EUR/USD has reached a confluence of local resistance (orange/purple/Fibonacci), which could be a bearish bouncing spot. A break above the channel could indicate an acceleration of bullish momentum, whereas a break below the channel could indicate a completion of the uptrend.

GBP/USD
4 hour

The GBP/USD broke above a smaller inner trend line (dotted orange) and is continuing the uptrend. The confluence of wave C's 100% Fibonacci target and the horizontal resistance are the main targets for the moment.

1 hour

The GBP/USD broke the resistance trend line (dotted orange), which placed the currency pair back in the uptrend.

USD/JPY
4 hour

The USD/JPY has most likely broken below the bottom (dotted green) if the 4 hour and daily candles can close near the candle low. Price can extend the bearish fall towards the Fibonacci levels.

1 hour

The USD/JPY could extend the 5th wave with extra extensions due to strong bearish momentum and lack of divergence.

Publication source
Admiral Markets information  Admiral Markets reviews

February 23, 2017
U.S. dollar muted to Fed minutes
The U.S. dollar index was flat yesterday after the Federal Reserve published the meeting minutes from the January 31 -February 1 monetary policy meeting...
February 23, 2017
Will the UK go through a migration shock?
The plan successfully passed through the upper chamber and is now going to the committee stage where it’s likely to be amended to warrant better relations with the EU...
February 23, 2017
The euro is under pressure amid growing concerns
The single currency regained a minor portion of its losses in the Asian session on Wednesday. The pair was able to reach 1.0550. However, the selling pressure around the euro remained unchanged pushing the spot to fresh lows...

Cms Trader Rating
FxPro Rating
FXCM Rating
OctaFX Rating
Larson&Holz IT Ltd Rating
Fort Financial Services Rating

99Binary Rating
EZTrader Rating
GTOptions Rating
24option Rating
Anyoption Rating
OptionRally Rating