USD Momentum within Correction before US Rate Decision 2015.09.16
EUR/USD
4 hour
The EUR/USD direction will be dependent on tomorrow's FOMC news event and potential interest rate hike in the USA. For the moment price is above support (green) and could be posting a new higher low as part of a wave X (purple).
1 hour
The EUR/USD could still be in correction within wave X (purple). A break of the resistance trend lines (orange/red) is needed before the wave X can be considered completed. A break of 1st support (light green) could see price fall towards the next Fib level or the next support trend line (dark green).
GBP/USD
4 hour
After the GBPUSD completed a 5 wave bullish pattern, it now seems to be correcting as part of a wave B (orange). However, just as with the EUR/USD, the currency market direction will be highly impacted by Thursday's FOMC event.
1 hour
The GBP/USD bearish momentum yesterday was strong after finding rejection at the resistance trend line (orange), which could be part of a bigger ABC (dark green). The invalidation level of the ABC is a bullish break above the trend line (orange).
USD/JPY
4 hour
The USD/JPY remains solidly in its triangle and it had a strong bullish bounce yesterday at the support trend line (green). Price could stay in the triangle until Thursday's FOMC event.
1 hour
The USD/JPY used the support and resistance for a strong bounce at wave X (blue) and wave Y (blue).