USD Marked by Critical S&R Trend Lines 2015.12.22

EUR/USD

4 hour

The EUR/USD bounced substantially at the 50% Fibonacci level and could retest the resistance level (red). A bigger bearish correction could still see support at the Fibonacci level.

1 hour

The EUR/USD is in a bullish channel (green) and needs a new break above resistance (orange) before a continuation of wave 3 (blue) is more probable. A break below the channel could change the wave count.

GBP/USD

4 hour

The GBP/USD seems to be in a wave 4 (green) consolidation zone. A bearish break could see price fall towards the bottom of the downtrend channel, which is bullish bounce or bearish break spot.

1 hour

The GBP/USD broke the support trend line (dotted green) but price action has been corrective after the break. If price does not manage to break below the 61.8% target with a good impulse, then the wave 4 (green) could become expanded with a bigger correction.

USD/JPY

4 hour

The USD/JPY remains in a consolidation territory as long as price stays in between support and resistance (red/blue).

1 hour

A bearish ABC zigzag (blue) seems the most likely at the moment if price manages to break the local resistance (orange) and retest the bigger resistance zone (dark orange).