EURUSD and USDJPY Accelerate Momentum Within Wave 3 2015.08.21

EUR/USD

4 hour

The EUR/USD is building on a bullish rally which is taking price to the top of the contracting wedge (brown/green lines).

1 hour

Price broke out of multiple resistance trend lines (dotted orange) and is now building a bullish channel (green lines). The speed of the movement suggests the potential for the wave count to be a wave 3 (orange) of wave 3 (green).

GBP/USD

4 hour

The GBP/USD has recently shown bullish impulsive price action (wave A magenta) but the top of the wedge acts as a major resistance (red).

1 hour

The GBP/USD is in a bullish channel which is indicated by the red and green trend lines. Price is now facing a resistance top (orange line). A bullish breakout could indicate the potential for price to move to one of the Fibonacci targets.

USD/JPY

4 hour

The USD/JPY is making bearish price movement as indicated by the wave count in the recent weeks. The acceleration below the trend channel confirms its impulsiveness which makes it a wave C (purple) or perhaps even a wave 3. This will depend on how far price pushes lower.

1 hour

The USD/JPY broke below the support (dotted green), pulled back to it and then continued its fall from the broken support. The momentum of the of the fall has been strong and could indicate the potential of a wave 3 (blue).