EURUSD and GBPUSD in Wave 4 Consolidations before FOMC Statement 2015.03.18

EURUSD

4 hour

EURUSD still remains in a downtrend despite the sideways consolidation of the wave 4 (green). A break on the lower time frames could indicate the begin of wave of wave 5 (green)

60 minutes

A break below the channel could indicate such a start of the wave 5 (green).

GBPUSD

4 hour

GBPUSD used the broken monthly bottom (dotted green) as a resistance point.

60 min

A break below the current bottom at 1.47 could confirm that price is in the wave 5 (green).

USDJPY

4 hour

A contracting wedge is being built on the 4 hour chart which is represented by a support trend line (green) and a resistance trend line (red).

60 min

A break above the next resistance level (orange) could offer the potential for price to move up towards the Fibonacci targets but a break below seems limited due to support levels close by (dark green & dotted red lines).