Bullish ABC zigzag creates breakout above trend line 2016.07.12

EUR/USD

4 hour

The EUR/USD is bouncing at the support levels (green) of the larger consolidation zone (orange/green). The correction is most likely part of a larger wave 2 (brown) via a WXY (purple). Price needs to break below the support (green lines) levels before a wave 3 (green) continuation is likely whereas a break above the 100% Fib at 1.1428 invalidates wave 2 (brown).

1 hour

A bullish ABC (blue) zigzag is taking place within wave 2 (brown).

GBP/USD

4 hour

The GBP/USD broke the resistance trend line (orange) of the downtrend channel, but this could be explained by a larger consolidation such as a bear flag. This chart pattern is indicated by the green lines and is bearish continuation signal unless price breaks above it.

1 hour

The GBP/USD seems to be building a bullish ABC zigzag (grey) within the wave 4 (green).

USD/JPY

4 hour

The USD/JPY broke above the resistance trend line (orange) and is expanding the wave B (green) correction unless price breaks above the 100% Fibonacci level.

1 hour

The USD/JPY bullish breakout has strong momentum pushing it which seems to be a wave 3 (orange). A larger ABC (grey) seems the most likely unless price breaks below the support trend line (green).

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