Key triangles visible on 3 major Forex pairs

20 May, 2016

EUR/USD
4 hour

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. An ABC completion is confirmed once price manages to break above the channel.

1 hour

The EUR/USD seems to have completed a wave 5 (purple) within a wave 3 (grey). Price is most likely making a wave 4 (grey) retracement as long as price stays below the outer trend line (red). A break below the small support trend line (solid green) could spark the bearish breakout for wave 5 (orange).

GBP/USD
4 hour

The GBP/USD has made a potential hook back to the long-term resistance trend line (red) and 78.6% Fibonacci level. A break above the long-term resistance trend line (red) and the 100% Fibonacci level invalidates the current wave count where a bigger bearish ABC (pink) is expected. A break below the inner support trend line (green) confirms the development of an ABC whereas a break below the outer support trend line (dark green) makes a reversal and a 123 more likely.

1 hour

The GBP/USD built a bearish ABC zigzag (blue) yesterday. Price then broke above the resistance trend line (orange dotted) and showed bullish momentum. For the moment this has been marked as a wave A (grey). A break of the support trend line invalidates the ABC (grey) within waves Y (blue, green) of wave B (pink).

USD/JPY
4 hour

The USD/JPY is building a small triangle above the broke resistance levels (dotted lines). A break above the 200% Fibonacci level could see price make a breakout towards the next Fib.

1 hour

The USD/JPY is in a triangle. A break below the 38.2% Fibonacci level of wave 4 vs 3 invalidates the wave 4 (grey) count. A break above it could see the extension of wave 5 (grey).


Source link  
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)...

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)...

EURUSD break of choppy channel

The EUR/USD broke above the resistance trend lines (dotted red), which makes it likely that a swing high and swing low was completed at the trend line...

  


Share: