EURUSD Remains in Triangle but GBPUSD Breaks Channel 2015.09.08

EUR/USD

4 hour

The EUR/USD is showing bullish price action at the moment, which still has a major resistance zone above it (red trend line and 1.1250 round level). A break above the resistance could indicate the potential for price to make a larger bullish correction whereas a bounce could indicate a downtrend continuation.

1 hour

The EUR/USD remains in a triangle for the moment with a clear support (green) and resistance (red) line marking its boundaries.

GBP/USD

4 hour

The GBPUSD downtrend channel is being broken, which indicates a decent probability that the wave 5 (orange) has been completed.

1 hour

The GBP/USD divergence is finally impacting the currency and causing a bigger correction to occur. Price has not only retraced back to the long-term moving average (dotted purple) but it seems to be building a 5 wave pattern (magenta).

USD/JPY

4 hour

The USDJPY is continuing its bearish trend and the next target could the 100% Fibonacci level.

1 hour

Price failed to break above the inner resistance trend line (orange) and broke below the short-term support (green).