US Dollar Struggles with Resistance and Moves Quickly Lower

3 min read

EUR/USD

4 hour
15-04-2015eu4

Yesterday’s bullish momentum could be an indication that the waves WXY (magenta) have completed the wave X (blue).

1 hour
15-04-2015eu1

Price broke the resistance of the downtrend channel (dotted red) which could indicate a potential wave 1-2 (magenta).

GBP/USD

4 hour
15-04-2015gu4

Yesterday’s bullish momentum could be an indication that the waves WXY (green) have completed the wave X (blue).

1 hour
15-04-2015gu1

The GBP/USD used support to make a bounce up which for the moment seems to be only part of the bullish correction (green wave W).

USD/JPY

4 hour
15-04-2015uj4

At the moment it seems most likely that a rally is part of wave X (green) which is part of a bigger wave 4 (dark red).

1 hour
15-04-2015uj1

The USD/JPY fell one more time back to support (green line) yesterday as part of the wave Y (purple).

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