EUR/USD starts bullish push but strong resistance remains crucial 2016.09.15

EUR/USD

4 hour

The EUR/USD is moving sideways in a larger consolidation zone between support (green) and resistance (orange). A break out below the support trend lines confirms the continuation of waves Y within wave d (green). The current Fibonacci levels should act as resistance.

1 hour

The EUR/USD did not manage to break horizontal support yesterday (green box) and made a bullish bounce. The momentum is making it likely that a 5 wave ending diagonal is taking place (orange).

GBP/USD

4 hour

The GBP/USD is making a bullish retracement after breaking below the support trend lines (dotted green) earlier this week. Price is expected to find resistance and make a bearish turn as part of wave B (purple) unless price manages to break above the top of wave X (blue).

1 hour

The GBP/USD is probably building a bearish ABC zigzag (purple). The Fibonacci retracement levels of wave B (purple) are most likely expected to offer resistance. The invalidation level of wave B (purple) is the 100% Fib, which would indicate that a bearish correction has completed at the most recent low.

USD/JPY

4 hour

The USD/JPY has till now failed in breaking the resistance trend line (red) of the daily downtrend channel. A break above resistance (red) confirms the end of the downtrend and the start of bullish price action. A break below the 100% Fibonacci level of wave 2 (blue) indicates that another wave 2 (purple) is still active.

1 hour

The USD/JPY failed to break above the 127.2% Fib level of wave B (brown) and seems to be expanding the correction within wave 2 (blue) via an ABC zigzag (brown).

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