Key triangles visible on 3 major Forex pairs

May 20, 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).

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