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US Dollar Shows Mixed Signals of Weakness and Strength

February 06, 2018 05:30

EUR/USD

4 hour

The EUR/USD is building a larger WXY (blue) correction within a wave 4 (purple) unless price breaks below the 50% of wave 4 vs 3. The Fibs and the previous top (green) could provide potential support. A break above the resistance (red) could indicate an uptrend continuation within wave 5 (purple).

1 hour

The EUR/USD could be building a bearish ABC (green) correction within wave 4 (purple). A bullish bounce at support (green/Fibs) and bullish break above resistance (red) could start a continuation of the uptrend.

GBP/USD

4 hour

The GBP/USD broke below the support trend line (dotted blue) and has retraced towards the 38.2% Fibonacci level. The Fib levels could provide support if price is indeed building a wave 4 (green) correction. A break below the 50% Fib makes a wave 4 less likely.

1 hour

The GBP/USD is probably building a bearish ABC (grey) zigzag correction. A break above resistance (red) could indicate the start of wave 5 (green).

USD/JPY

4 hour

The USD/JPY made a strong bearish fall, which could indicate a downtrend. However, price did not manage to break the support zone (green) as yet so the wave pattern is still favouring a wave 1-2 (purple) for the moment.

1 hour

The USD/JPY made a bullish continuation but price failed to break above the larger resistance level (orange) and then fell below support. The bearish momentum could be part of a zigzag within wave 2 (purple), which may not break below the 100% Fib otherwise it is invalidated.

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