Multiple key patterns visible in Forex market 2016.09.16

EUR/USD

4 hour

The EUR/USD remains in a larger consolidation zone between various support (green) and resistance (orange) levels. The Fibonacci levels of waves X (purple and blue) could act as resistance. A break below support confirms the continuation of waves Y within wave d (green).

1 hour

The EUR/USD managed to build a bullish ending diagonal for a wave 5 (orange) as indicated in yesterday's analysis. Currently a wave 1-2 could be developing unless price breaks above the 100% Fibonacci level of wave 2 (orange).

GBP/USD

4 hour

The GBP/USD is in a triangle pattern (red/green lines). A break above resistance trend line (red) could indicate that wave B will be completed at a higher spot, unless price breaks above the high of wave X (blue) which invalidates the wave structure. A break below the support trend line (green) could price test the support Fibonacci levels of wave X (green).

1 hour

The GBP/USD is building either a bearish (grey) or bullish (purple) ABC zigzag. A break above the top of wave X (blue), however, changes the wave structure from bearish to bullish and a new wave count would indicate that wave X (green) is completed at the most recent bottom.

USD/JPY

4 hour

The USD/JPY is building a triangle pattern between a support trend line (green) and a resistance level which represents the top of a daily downtrend channel (red). 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 is close to various support levels. A bullish bounce and break above resistance (red) could indicate that wave 2 (blue) has been completed.

Follow @ChrisSvorcik on twitter for latest market updates