US Dollar is close to completing wave 2 correction 2016.08.11

EUR/USD

4 hour

The EUR/USD is now testing and challenging the 78.6% Fibonacci retracement level of wave 2 (purple). A break above the 100% level invalidates wave 2 (purple) and means that a larger wave 2 (brown) is still ongoing and active.

1 hour

The EUR/USD seems to be losing momentum at the Fibonacci resistance and has broken the steeply angled support trend line (green dotted). Price needs to break below the support trend line (green) before the completion of a wave 2 (purple) can be confirmed.

GBP/USD

4 hour

The GBP/USD remains in a downtrend with resistance indicated by the Fibonacci retracements of wave 2 (purple) and with targets indicated by the Fibonacci levels of wave 5 (blue).

1 hour

The GBP/USD completed the expected bullish ABC (green) zigzag. It could now be at a bullish bounce or bearish break spot. A bullish rally would enlarge the correction with a WXY (green). A break below the Fibonacci levels of wave X (green) could spark a wave 3 bearish momentum (pink).

USD/JPY

4 hour

The USD/JPY seems to be building a hook back to the support tend line (green). A bearish break would invalidate wave 1-2 (green) and revive the downtrend. A bullish bounce could see price rally to the Fibonacci targets of wave 3 (green) and the resistance trend lines (orange/red).

1 hour

The USD/JPY seems to be respecting the 78.6% Fibonacci level of wave 2 (green) and has broken the resistance trend line (dotted red).

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