EURUSD multiple bounces in triangle, GBPUSD breaks wedge

EUR/USD

4 hour

The EUR/USD stayed again with the range of the narrow triangle formation by respecting the resistance trend line (orange) and falling back towards support (green). A break of support could see price fall back towards the Fibonacci levels of wave X (brown). A bounce at support could see price go back towards resistance.

1 hour

The EUR/USD could have completed a bearish ABC zigzag if price manages to break the inner resistance trend line (orange).

GBP/USD

4 hour

The GBP/USD has hit the 23.6% Fibonacci level of wave 4 (purple) and has shown a strong bearish turn at the resistance after which price managed to break support (dotted green).

1 hour

The GBP/USD bearish action could either be part of an ABC correction (blue) which expands wave 4 (purple) or a new 1-2 bearish impulse which restarts the downtrend. For the moment an ABC has been placed on the chart.

USD/JPY

4 hour

The USD/JPY broke the resistance trend line (dotted red) and showed a large bullish momentum to the resistance Fibonacci levels. The wave count is vulnerable to change if price breaks above resistance (red) or if it shows a bullish correction pattern in the near future.

1 hour

The USD/JPY has completed a wave 4 (pink) within the wave C (green) and could now be headed towards the Fibonacci targets of wave 5.

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

Thank you

Twitter: @elitecurrensea

Youtube: Elite CurrenSEA

Live webinars at: Admiral Markets