USD Weakens and Meets Break or Bounce Spot 2015.08.20
Kolovoz 20, 2015 04:57
EUR/USD
4 hour
The EUR/USD bounced and rallied from the wave X (purple) support levels, which could indicate the potential start of wave Y (purple).
1 hour
Price is facing a break or bounce spot at the resistance trend line (orange).
GBP/USD
4 hour
The GBP/USD recently bounced at the 50% Fibonacci level as part of wave X (orange) but has not been able to break above resistance (red).
1 hour
The GBP/USD completed an ABC correction within wave B (magenta) recently before bouncing up higher. Price is now at a break or bounce spot at the resistance trend line (orange).
USD/JPY
4 hour
The USD/JPY is continuing its ABC correction (purple) after failing to break above the top of wave X (green).
1 hour
Price action broke below the support levels (green) as a continuation of the ABC pattern (purple).