Currency Pairs Offer Clear Invalidation Levels 2015.07.07

EUR/USD

4 hour

The EUR/USD has been moving up and down in a relatively tight zone over the last weeks with clear support and resistance levels on both sides.

1 hour

Price is slowly being squeezed between the contacting triangle pattern as time progresses and space becomes tighter.

GBP/USD

4 hour

The GBP/USD has bounced at the 50 Fibonacci level but it requires a break above the immediate resistance trend line (red) to confirm the completion of wave X (blue). Otherwise there is a chance price could retrace lower to the 61,8 Fib level.

1 hour

A break above the confluence of intermediate and short resistance trend lines (red) could lead to the start of the waves Y. A break below support (green) could mean that the wave X (blue) will get extended to a lower spot.

USD/JPY

4 hour

The USD/JPY remains in a bigger consolidation as price diligently respects the support and resistance levels.

1 hour

The USD/JPY has made a couple of zigzags (ABC formations) in a row and could be building on another one.