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US Dollar Builds Corrective Patterns at Resistance Zone

November 06, 2017 07:00

EUR/USD

4 hour

EUR/USD built a corrective pattern which is typical for a wave 4 (blue). The bearish breakout could indicate a potential continuation within wave 5 (blue) towards the Fibonacci retracement levels of wave 4 (light purple).

1 hour

The EUR/USD is building a sideways zone within the bearish breakout. A bearish break below support (blue) could confirm more downside whereas a bullish break above resistance (red) could indicate a slightly larger correction. The bearish structure is invalidated if strong bullish price action is visible.

GBP/USD

4 hour

The GBP/USD broke the support trend lines (dotted blue) and is now building a triangle chart pattern. A new bearish breakout could indicate a potential continuation towards the Fibonacci targets of wave 5 vs 1+3 (green).

1 hour

The GBP/USD retraced back to the 38.2% Fibonacci level of wave 4 (brown) of a larger wave 3 (orange).

USD/JPY

4 hour

The USD/JPY is challenging the 114.50-115 resistance zone, which is a major break or bounce spot. The trend is up at the moment but price seems to be losing steam and speed as it approaches resistance (red).

1 hour

The USD/JPY will need to break above resistance or below support (blue) before the direction could be clear.

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