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USD/JPY Bearish ABC Zigzag Challenges 78.6% Fibonacci

August 18, 2017 04:30

USD/JPY

4 hour

The USD/JPY is following the path of least resistance mentioned in the wave analysis earlier this week: a turn at the 38.2% Fibonacci resistance level at wave A (orange) followed by an ABC deep correction within wave B (orange). A bullish bounce could complete wave B and start wave C, but this ABC zigzag is invalidated if price manages to break below the 100% Fib at 108.73.

1 hour

The USD/JPY indeed completed an ABC (purple) as expected within wave B (orange).

EUR/USD

4 hour

The EUR/USD made one more lower low at 1.0660 yesterday, which invalidated the immediate bullish reversal. However, price is still above the long-term trend line (blue), local support (green), and long-term moving average, which favours a wave 4 (green) correction. A bullish break above resistance (red) would confirm the end of wave 4 and start of wave 5.

1 hour

The EUR/USD seems to have made a wave 4 (brown) extension with wave ABC (orange). Price be again attempting to build a wave 1-2 (purple) as long as price stays above the 100% Fib level. A break above resistance (red) line could see wave 3 start.

GBP/USD

4 hour

The GBP/USD is building a bear flag pattern and testing the resistance trend line (red). A bullish break should start a wave 2 (red) correction whereas a bearish break could still indicate the continuation of wave 5 of wave 1 (red).

1 hour

GBP/USD could be building bear flag chart pattern (orange/blue) within a wave 4 (grey). This scenario is invalidated if price manages to break above the top of the bear flag (orange line) and 50% Fib of wave 4 vs 3.

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