ABC Formations Visible on Major Forex Pairs 2015.08.11

EUR/USD

4 hour

The EUR/USD moved up yesterday but turned around at the confluence of resistance (red trend line and 611.8% Fibonacci target). Price remains in a wedge with support (green) and resistance nearby.

1 hour

The EUR/USD completed an ABC (green) within wave Y (blue).

GBP/USD

4 hour

The GBP/USD found renewed support at the confluence of trend lines (green) for a bullish rally yesterday. Price remains in a wedge with resistance (orange/red) and support nearby.

1 hour

The GBP/USD probably completed an ABC zigzag (dark green) within wave W (magenta).

USD/JPY

4 hour

The USD/JPY has a wave count that suggests an end of the trend scenario with wave X (green) failing to break the top of wave 5 (purple). The invalidation level is a break of the top, which most likely implies an uptrend continuation.

1 hour

The USD/JPY rebounded from the support trend line (green) but could face heavy layers of resistance such as the trend line and 78.6% Fibonacci level.