Major currency pairs smack into barrier of resistance

21 June, 2016

EUR/USD
4 hour

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.

1 hour

The EUR/USD has retraced back to the 38.2% Fibonacci support level via an ABC zigzag (blue). A break below the support trend line (green) could see an expansion of wave X (blue) whereas a breakout above the resistance (red) could see the start of wave Y (blue).

GBP/USD
4 hour

The GBP/USD has also reached a resistance trend line (red), which could be a price zone which creates a pause or retracement.

1 hour

The GBP/USD is in a wave 3 (green) but price could soon start a consolidation zone and make a correction as part of wave 4 (green).

USD/JPY
4 hour

The USD/JPY has broken the bear flag (green) chart pattern but a bullish 4 hour candle seems to be stopping the bearish breakout. The resistance trend line (red) will be an important factor whether the downtrend continues or fails.

1 hour

If the USD/JPY does start a retracement, then the Fibonacci levels of wave '4 vs 3' could act as resistance levels.


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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 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)...

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...

  


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