Forex market sees dead cat bounce

June 29, 2016

EUR/USD
4 hour

The EUR/USD bearish momentum is most likely a wave 1-2 (green). A break above the 100% level of wave 2vs1 invalidates this wave structure. A break below the support (green) could see price fall towards the Fibonacci targets of wave 5 vs 1+3 and horizontal bottoms (green).

1 hour

The EUR/USD is in a contracting triangle (red/green). A bullish break should see resistance at the Fibonacci confluence.

GBP/USD
4 hour

The GBP/USD is building a consolidation at the 100% Fibonacci target as the political discussions between the EU and the UK around Brexit continue. A minor rally within such a strong trend is often called a 'dead cat' bounce, which indicates the lack of strength such a correction has. A break below support could see price continue with its bearish momentum towards the next Fibonacci targets.

1 hour

A GBP/USD bullish break should see resistance at the Fibonacci levels of wave 4 (blue) and wave C (pink).

USD/JPY
4 hour

The USD/JPY is at the bottom of a downtrend channel which could act as a support level. Price will need to break above the 100% Fib level before waves Y (blue/brown) can be considered completed.

1 hour

The USD/JPY stopped at the 50% Fibonacci resistance level. A bullish ABC zigzag (pink) is most likely developing within wave B (green).

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