EURUSD, USDJPY finally display flavours of momentum

2 May, 2016

EUR/USD
4 hour

The EUR/USD has indeed showed a continuation of the uptrend within the waves Y as indicated last week. Price is now reached a heavy resistance zone (red). A break above it could see price continue towards the Fibonacci targets.

1 hour

The EUR/USD broke above the resistance trend line (dotted orange) and made a strong bullish impulse which seems best explained by a wave 3 (grey). Price could retrace for a wave 4 (grey) but must not retrace deeper than the 61.8% Fibonacci level otherwise the wave count is invalidated.

GBP/USD
4 hour

The GBP/USD remains in an uptrend as long as price stays above the support trend line (green). Price is showing signs of struggle now at the horizontal resistance (red).

1 hour

The GBP/USD is showing choppy price action since the break of the inner resistance line (dotted orange), which can be explained by an ending diagonal (purple 5 wave). Whether wave 5 has been completed remains to be seen and price could push higher if it stays above the support trend line (green). A bearish break could lead to a bearish ABC (orange) or 123.

USD/JPY
4 hour

The USD/JPY has reached a large 38.2% Fibonacci retracement level of wave B (sea green), which could initiate a bullish rally or a correction.

1 hour

The USD/JPY could extend the 5th wave with an extension due to strong bearish momentum and lack of divergence via a wave 4 and 5 (orange). A break above the 61.8% of wave 4 makes the current wave count unlikely.


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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...

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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

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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...


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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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