Strong bullish price action remains leading factor

June 7, 2016

EUR/USD
4 hour

The EUR/USD showed strong bullish price action, which increases the chance of a bullish ABC zigzag (orange).

1 hour

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.

GBP/USD
4 hour

The GBP/USD bounced at the long-term support trend line (green). Price is now approaching a resistance zone (red). A break above it could see price rally within a wave 2 (blue). A break above the 100% Fibonacci level invalidates the wave 2.

1 hour

The GBP/USD is probably seeing a development of an expanded wave 2 (blue) via a WXY (pink). The wave count has been changed because wave X stayed above the 138.2% Fibonacci level and due to the strong bullish correction which has taken price to the 61.8% Fib of 'Y vs W'.

USD/JPY
4 hour

The USD/JPY wave 2 (purple) has been marked as complete because price is trying to break above the resistance trend line (red). A break above this trend line (red) and resistance zone (orange) could see price rally for a wave 3 (purple).

1 hour

The USD/JPY is showing higher highs and higher lows again, which makes a downtrend less likely. Price would need to break below the support trend line (green) before a bullish outlook is invalidated.

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