Only USDJPY offers momentum

11 May, 2016

EUR/USD
4 hour

The EUR/USD is entrapped between support trend lines (green) and resistance (red). Price has reached a long-term support trend line (dark green), which is a bounce or break spot. A bullish breakout could indicate a completion of the ABC (blue), whereas a bearish breakout could indicate a continuation of the C wave (blue).

1 hour

The EUR/USD remains in a choppy trend channel. Price keeps respecting the support (green) and resistance (red) levels. A bearish breakout would most likely see price move towards the Fibonacci targets of wave 3 (green) and wave C (blue).

GBP/USD
4 hour

The GBP/USD has also reached a long-term key support trend line (green). A break of the support trend line would confirm the downtrend on the GBP/USD whereas a break of the 2 resistance trend lines (orange-red) could indicate the completion of the ABC (pink) and an expansion of the uptrend.

1 hour

The GBP/USD is still respecting the 61.8% Fibonacci level of wave 2 vs 1. A bearish break below the support trend lines (green) could see price expand wave A (pink) lower via a potential wave 3 (green). A bullish break above resistance (red) invalidates 123 (green) and indicates a bullish breakout.

USD/JPY
4 hour

The USD/JPY has reached the 161.8% Fibonacci target. A break above this target favors a wave 3 (purple) whereas a bearish turn makes a wave C (pink) more likely.

1 hour

Whether the USD/JPY will build a wave C (pink) or wave 3 (purple) depends on its price reaction at the Fibonacci levels of wave 4 (orange). Price should typically stop at the 38.2% Fibonacci level and not break below the support trend line (blue) if a wave 4 indeed unfolds.


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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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