USD Bounces at Resistance and Continues with its Corrective Shape 2015.03.23
März 23, 2015 04:51
EURUSD
4 hour
Price indeed bounced at the 78.6% of the wave X (retracement) of the FOMC bullish momentum (indicated as wave W orange).
1 hour
A bullish zigzag (ABC magenta) could occur within Wave Y (orange).
GBPUSD
4 hour
Currently an ABC (blue) zigzag correction is probably the most likely wave explanation with wave C (blue) targets above.
1 hour
Price has bounced at the 88.6% Fibonacci support when placing a retracement on the bullish spike during FOMC.
USDJPY
4 hour
Price bounced at the wave X (magenta) resistance as part of a potential bigger wave 4 (dark red).
1 hour
A bigger WXY (magenta) correction could be expected after the bearish momentum during the FOMC statement.