2 May, 2016
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.
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.
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).
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.
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.
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.
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...
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...
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...
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)...
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)...
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...
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)...
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...
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)...
|8||Fort Financial Services||67%|