US Dollar Uptrend Showing Signs of Struggle 2015.11.19

EUR/USD

4 hour

The EUR/USD is showing an attempt to break the resistance (orange) of the downtrend channel. A breakout could indicate the completion of wave 5 (brown).

1 hour

Yesterday the EUR/USD made a pullback for wave 4 (purple) and then posted a lower low, which could mark the wave 5 (purple). The entire wave 5 (brown) has been choppy so far, which could be explained by an ending diagonal formation (wave 4 goes into wave 1 territory in that case).

GBP/USD

4 hour

The GBP/USD broke the resistance (orange dotted) of the consolidation zone and is near the invalidation point (red) of the wave 4 (green). There are also several resistance levels remaining due to the Cable downtrend.

1 hour

The GBP/USD has Fibonacci levels of wave 4 (green) nearby, which could act as resistance points.

USD/JPY

4 hour

The USD/JPY has reached the 78.6% Fibonacci retracement level of wave X (blue) versus W, which could be a strong resistance level.

1 hour

The USD/JPY seems to have completed wave 5 (green) of wave C (blue) with the recent push to post a higher high. This created a rising wedge chart pattern formation (brown and dotted green). A break of the support trend line (green) could lead to a bigger bearish correction.