US Dollar approaches decision zone for next trend 2016.08.25
EUR/USD
4 hour
The EUR/USD is building a bearish ABC zigzag (orange) within wave 4 (green) unless breaks below the 61.8% Fib of wave 4 vs 3 and support trend line (green). A bullish break of resistance (red) could see price make an extension of wave 5 (green) towards the 78.6% Fibonacci level. A bearish break of support (green) could be a first indication that the ABC (purple) zigzag has been completed.
1 hour
The EUR/USD is either expanding wave 4 (green) or it has completed wave 5 (green). A break above resistance (red) indicates a bullish continuation, whereas a break below the Fib levels of wave 4 vs 3 (green) indicates a completion of wave 4 (green).
GBP/USD
4 hour
The GBP/USD bullish WXY (green) correction has reached the top of downtrend channel (red) and 78.6% Fibonacci retracement of wave 2 vs 1 (pink). Two bearish candlesticks at the resistance show that price is struggling with that level. The Cable is either completing a wave 5 (blue) or extending the wave 5 (blue) with an internal 5 wave indicated by wave 1-2 (pink). A break above the 100% Fib level invalidates the pink 1-2.
1 hour
The GBP/USD is building a channel (red/blue) at the resistance zone. A break below support (blue/green) could indicate a bearish reversal at the resistance zone and the completion of wave C (blue). A bullish break could see price head towards the Fibonacci levels of wave C vs A.
USD/JPY
4 hour
The USD/JPY will either break the support (green) for a downtrend continuation or break above the resistance (orange/red) and potentially start a bullish reversal. The current wave 1-2 (blue) is invalidated if price breaks the bottom of wave 1.
1 hour
The USD/JPY has support (green) and resistance (red) levels that mark a potential breakout. Price is either building multiple waves 1-2 (blue/brown) which could start a bullish trend or building a sideways correction which could let a bearish trend continue.
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