EUR/USD and GBP/USD continue bullish ABC patterns 2016.03.07

EUR/USD

4 hour

The EUR/USD indeed seems to be building a bullish rally after breaking above the resistance trend line (dotted orange). The most likely wave count is an ABC zigzag (blue)

1 hour

The EUR/USD could be building a bearish ABC zigzag (green) within wave B (blue).

GBP/USD

4 hour

The GBP/USD is in a potential wave 4 (pink) retracement. This pullback is strongly challenging the bottom of wave 1 (pink). A break above resistance (orange) will certainly make current wave count invalid.

1 hour

The GBP/USD has made an ABC zigzag (grey) but whether the entire wave 4 (pink) correction is completed remains to be seen.

USD/JPY

4 hour

The USD/JPY has support (green) and resistance (red) levels nearby. The price pattern seems to be a corrective rising wedge chart pattern.

1 hour

The USD/JPY has levels above and below that could indicate a potential breakout. A bullish break would most likely lead to a continuation of wave X (brown) whereas a bearish break would probably see a continuation of wave Y (brown).