US Dollar Shows Mixed Signals and Whipsaws 2015.06.10

EUR/USD

4 hour

The EUR/USD is still marked as a 12345 (green) but will be changed into an ABC wave count if price breaks below the support (green).

1 hour

Price is in a contracting triangle with a clear resistance (red) and support (green).

GBP/USD

4 hour

The GBP/USD remains into between support (support) and resistance (red), which are indicators whether price will correct higher for a wave C (blue) or expand the wave X (grey) lower.

1 hour

The current wave structure is vulnerable to change as the overall price movement remains corrective. The trend lines indicate a potential for a bear flag. Price should at least break above the resistance (red) to confirm the potential for a wave 1-2 to emerge.

USD/JPY

4 hour

The USD/JPY bounced again at the support level (green) and, despite the break out of the uptrend channel, would require a break below the support before a bigger correction or reversal can take place.

1 hour

The purple line is the bottom of the wave A (orange). A break above it would invalidate an alternative 12345 wave count most likely.