US Dollar Gains Solid Bullish Momentum 2015.10.26

EUR/USD

4 hour

The EUR/USD has broken below the various support levels of the 4 hour chart which indicates the start of a wave 3 or wave C (green). Whether price is in a wave 3 or C will depend on how far price can drop, which will be impacted by the FOMC statement this week.

1 hour

The EUR/USD fell once more last week and has now probably completed wave 3 (blue). Waves 4 typically retrace back to the wave 4 of one degree lower (green).

GBP/USD

4 hour

The GBP/USD price action is caught in a contracting triangle in between support (green) and resistance (red) trend lines. A break of the resistance invalidates the bearish wave count whereas a break of support increases the chance of a wave 3 (orange/green) starting.

1 hour

The GBP/USD seems to have completed the bearish 5 wave (green) to complete wave 1 (pink) at the support trend line (green). A wave 2 retracement could potentially retest a deep Fibonacci level.

USD/JPY

4 hour

The USD/JPY broke the previous top (dotted trend line) and thereby changed its wave structure to a wave X (blue) with Fibonacci resistance levels mentioned in the chart. Price has to break the 100% level to invalidate the wave X (blue) and increase the chances of a bigger daily/weekly uptrend continuation.

1 hour

The USD/JPY made a bullish bounce at the wave 4 (blue) last week and is moving up towards Fibonacci targets of wave C (dark red).