EURUSD and USDJPY Accelerate Momentum Within Wave 3

3 min read

EUR/USD

4 hour

21-08-2015eu4
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

21-08-2015eu1
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

21-08-2015gu4
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

21-08-2015gu1
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

21-08-2015uj4
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

21-08-2015uj1
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).

Twitter: @elitecurrensea

Please note that the update is posted with permission from Admiral Markets
read the original article on AdmiralMarkets.com

Thank you

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