US Dollar weakness continues to rock the Forex boat

April 29, 2016

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.

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.

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.

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