US Dollar Slips Back into Triangle Consolidation 2015.09.15

EUR/USD

4 hour

The EUR/USD is showing a bullish trend when looking at the recent higher lows, but the downside momentum occurred in 5 waves. This means that the bullish price action is most likely correction (brown Y).

1 hour

The EUR/USD has corrected back lower to the 38.2% Fibonacci retracement of the wave X (purple). A bearish break below the uptrend channel could indicate the potential for price to retrace to lower Fibs levels.

GBP/USD

4 hour

The GBPUSD completed a 5 wave bullish pattern which seems to be part of wave A (orange). The current correction fits within a potential wave B (orange) of a bigger ABC zigzag.

1 hour

The GBP/USD made an ABC (dark green) correction yesterday which seems to fit within a bigger wave W (pink) of wave B (orange) correction.

USD/JPY

4 hour

The USD/JPY is in a triangle and a bullish break could see price retrace deeper versus the Fibonacci retracement levels. A bearish break could indicate the likelihood of wave B (brown) being completed.

1 hour

The wave pattern has been changed due to the fact that the correction has retraced deeply within the bigger triangle. The entire wave structure is highly reliant to which side the triangle will break.