US Dollar Rallies but Struggles with Resistance 2015.04.01

EUR/USD

4 hour

The EUR/USD has been moving down in a channel (purple) but has various support levels nearby (green and Fib).

1 hour

The bearish price action could have also resembled a falling wedge (purple lines) chart pattern which usually is followed by a bullish bounce.

GBP/USD

4 hour

The GBP/USD bounced at a support trend line (green) yesterday and remains corrective in its price movement, which could last until the NFP event on Friday.

1 hour

Price was unable to break below the support (purple) and hence confirmed the wave X (green) count.

USD/JPY

4 hour

The USD/JPY bullish breakout indeed respected the resistance trend lines (orange). Price action will probably remain choppy with both support and resistance close by.

1 hour

The wave count is vulnerable to change if price breaks above the resistance (yellow-orange).