Major Forex Pairs Marked by Wedge Lines 2015.08.03

EUR/USD

4 hour

The EUR/USD completed the wave C (blue) near the previous bottom (green) and made a rally up to the resistance trend line (red). A break above it would signal the continuation of wave 4 (blue) whereas a break below support could indicate the completion of wave 4.

1 hour

The EUR/USD showed strong price action, which could be explained as a wave A (blue) of a bigger ABC.

GBP/USD

4 hour

The GBP/USD price action remains relatively choppy with the resistance (red) and support (green) wedge trend lines narrowing in.

1 hour

Price action (magenta) broke above the inner resistance trend line (dotted orange), which could be an impulsive A (magenta) followed by a wave B retracement.

USD/JPY

4 hour

The USD/JPY price action is being squeezed in between support and resistance. A bearish breakout confirms the continuation of wave Y (blue) whereas a bullish break would indicate a change of the wave count.

1 hour

The USD/JPY bearish price action broke the support trend line (dotted green) with an ABC zigzag, which could be part of a larger WXY (blue) correction.