GBP/USD builds triangle but USD/JPY keeps momentum
EUR/USD
4 hour
The EUR/USD showed a bearish bounce at resistance (red) within a bigger consolidation zone (red/green lines). Price has now reached the bottom of that zone (green) and a bearish break could indicate a fall within a wave Y (purple) of wave d (green).
1 hour
The EUR/USD built a bearish 5 wave which has been marked a wave A (green). A break above the 100% Fibonacci level invalidates wave B (green).
GBP/USD
4 hour
The GBP/USD decline completed a wave 3 (green) and is expected to respect the Fibonacci levels of wave 4 vs 3 within the wave 4 (green) correction.
1 hour
The GBP/USD has been moving up and down in a choppy and corrective manner as expected in the previous wave analysis. Price could break the trend lines but the Fibonacci levels could react as support or resistance.
USD/JPY
4 hour
The USD/JPY broke above the resistance of the daily downtrend channel (dotted red) but price still needs to break above the horizontal resistance of wave 1 (purple) before a higher high is confirmed. Once the break occurs, a bullish impulse wave seems to be developing (purple) which is most likely wave 3 (purple).
1 hour
The USD/JPY turned at the 38.2% or 50% Fibonacci level (green arrows) of wave 4 (brown) as expected. The break above resistance (dotted red) has seen the USD/JPY move towards the Fibonacci targets (green arrows) but a break of the top (red) is still needed.
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EUR/USD breaks consolidation zone, GBP/USD bounces at 78.6% Fib
EUR/USD
4 hour
The EUR/USD finally made a bearish break of the larger consolidation zone yesterday, which confirms the wave X (purple) and this bearish wave count of the last few weeks. The breakout has large momentum which could indicate a bearish continuation, although a bounce or retracement at the 50% and psychological round level of 1.10 could occur.
1 hour
The EUR/USD is expanding the 5th wave (orange) and price is now falling towards the Fibonacci targets of wave 5 (grey). A bullish bounce or retracement at 1.10 could indicate that a wave A (green) has been completed and a wave B (green) will start.
GBP/USD
4 hour
The GBP/USD was unable to post a lower low as expected in previous wave counts earlier this week. A triangle formation is the most likely structure at the moment as price builds a correction within wave 4 (green) after the huge decline last week in wave 3 (green).
1 hour
The GBP/USD bounced at the 78.6% Fibonacci level and the bullish momentum after the bounce is indicating that new zigzag (orange) is taking place.
USD/JPY
4 hour
The USD/JPY broke above the resistance of the daily downtrend channel (dotted red) but price still needs to break above the horizontal resistance of wave 1 (purple) before a higher high is confirmed. Once the break occurs, a bullish impulse wave seems to be developing (purple) which is most likely wave 3 (purple).
1 hour
The USD/JPY failed to break above the top (red) yesterday and instead is expanding the correction sideways, which is normal for a wave 4 (brown). A break above resistance (orange/red) could indicate the potential for the USD/JPY to continue with the uptrend (green arrows) as part of wave 3 (blue). A break of support (green) could indicate a larger wave 4 (brown) as long as price stays above the 50% Fibonacci of wave 4 vs 3.
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EUR/USD reaches 1.10 round level in bearish ABC zigzag
EUR/USD
4 hour
<img src=“https://s12.postimg.org/utwhmgfbx/13_10_2016eu4.png”>
The EUR/USD made one more bearish push to reach the 50% Fibonacci level of wave D vs B and psychological round level of 1.10. A bullish 4 hour candle has appeared since price hit the 1.10 level, which could indicate that a wave A (green) has been completed. In that case an ABC zigzag (green) could occur. If price breaks the 1.10 support then a continuation of wave A (green) seems to be taking place (see 1 hour chart).
1 hour
<img src=“https://s17.postimg.org/4elpaqv4f/13_10_2016eu1.png”>
The EUR/USD break below 1.10 could see price fall towards 1.0960-50 as part of a choppy wave 5 (orange/grey) whereas a break above resistance (orange) could start wave B (green).
GBP/USD
4 hour
<img src=“https://s10.postimg.org/7qp3v04xl/13_10_2016gu4.png”>
The GBP/USD continues to build a triangle formation within a wave 4 (green) after the huge 1,000 pip decline last week as part of wave 3 (green).
1 hour
<img src=“https://s9.postimg.org/ujzve55rj/13_10_2016gu1.png”>
The GBP/USD completed the wave A (orange) and now seems to be retracing as part of a wave B (orange).
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US Dollar bounces at S&R and prepares for crucial breakouts
EUR/USD
4 hour
<img src=“https://s21.postimg.org/fmzpck2rr/14_10_2016eu4.png”>
The EUR/USD indeed showed a bullish bounce at the 50% Fibonacci level of wave D vs B and the psychological round level of 1.10 after a bullish 4 hour candle appeared yesterday. Price is probably in an ABC zigzag (green) and the Fibonacci levels of wave B (green) are expected to act as resistance. The EUR/USD has already bounced at the 38.2% Fib level but a break below the previous bottom is needed before a continuation to the 61.8% Fib of wave D vs B could occur.
1 hour
<img src=“https://s17.postimg.org/dj2tl0f7j/14_10_2016eu1.png”>
Unless the EUR/USD breaks below the previous bottom at 1.0985, price could make an ABC (orange) zigzag within a larger wave B (green).
GBP/USD
4 hour
<img src=“https://s10.postimg.org/ciali4y21/14_10_2016gu4.png”>
The GBP/USD continues to build as expected a triangle formation within a wave 4 (green) consolidation zone after last week’s 1,000 pip decline (wave 3 green). A break below support (green) could indicate the continuation of the downtrend. A break above resistance (red) could indicate a continuation of the wave 4 (green) retracement where the Fib levels are expected to act as resistance.
1 hour
<img src=“https://s17.postimg.org/n5lz8224f/14_10_2016gu1.png”>
The GBP/USD is in a wave B (orange) correction unless price manages to break below the 78.6% and 100% Fibonacci levels of wave B vs A (zig zag). A bullish bounce at support could complete ABC (orange) within wave Y (blue).
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GBP/USD, USD/JPY challenge S&R at 120 and 104.50
EUR/USD
4 hour
<img src=“https://s17.postimg.org/ri1ge9mq7/17_10_2016eu4.png”>
The EUR/USD built a lower low but seems to be bouncing at 1.0960 as price breaks away from the consolidation zone in a downtrend. At this moment a bearish ABC zigzag (green) within a larger contacting triangle (wave d green) seems the most likely but if the breakout below wave A (green) is vey impulsive, then a new downtrend could be starting. For the moment, the Fibonacci levels of wave B (green) are expected to act as resistance.
1 hour
<img src=“https://s16.postimg.org/m2s1k635x/17_10_2016eu1.png”>
A bullish ABC (orange) could take place within wave B (green).
GBP/USD
4 hour
<img src=“https://s21.postimg.org/yraamzs5j/17_10_2016gu4.png”>
The GBP/USD continues to build as expected a triangle formation within a wave 4 (green) consolidation zone. A break below support (green) could indicate the continuation of the downtrend. A break above resistance (red) could indicate a continuation of the wave 4 (green) retracement where the Fib levels are expected to act as resistance.
1 hour
<img src=“https://s14.postimg.org/nq0es6s69/17_10_2016gu1.png”>
The GBP/USD is in a wave B (orange) correction unless price manages to break below the 78.6% and 100% Fibonacci levels of wave B vs A (zig zag). A bullish bounce at support could complete ABC (orange) within wave Y (blue).
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US Dollar develops in wave C of larger zigzag
EUR/USD
4 hour
<img src=“https://s22.postimg.org/ivzz5uab5/18_10_2016eu4.png”>
The EUR/USD seems to be indeed building a bearish ABC zigzag (green). The Fibonacci levels of wave B (green) are expected to act as resistance and price could turn around at one of them for a continuation within a larger contacting triangle (wave d green). If the bearish breakout is vey impulsive, then a new downtrend could be starting.
1 hour
<img src=“https://s13.postimg.org/z79bn5smf/18_10_2016eu1.png”>
A bullish ABC (green) seems to be taking place within wave B (green). The Fibonacci levels are targets and potential bouncing spots.
GBP/USD
4 hour
<img src=“https://s18.postimg.org/dnvs1k8gp/18_10_2016gu4.png”>
The GBP/USD continues to build a triangle formation within the wave 4 (green) correction as the Cable breaks above resistance (dotted red). The Fib levels are expected to act as resistance.
1 hour
<img src=“https://s12.postimg.org/6fhrcdjq5/18_10_2016gu1.png”>
The GBP/USD did not break below the 78.6% and 100% Fibonacci levels of wave B vs A and the wave B (orange) is therefore still valid and supporting price. The bullish breakout is indicating that a wave C (orange) within wave Y (blue) seems to be unfolding.
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GBP/USD, USD/JPY prepare bullish breakouts above trend lines
EUR/USD
4 hour
<img src=“https://s18.postimg.org/sjip0anll/19_10_2016eu4.png”>
The EUR/USD turned at the 23.6% Fibonacci level of wave B vs A. However the bullish retracement could extend to higher Fibonacci levels if price breaks above the resistance trend line (orange). A break below support (green) could see a continuation of the downtrend.
1 hour
<img src=“https://s13.postimg.org/5j76jbjtz/19_10_2016eu1.png”>
A bullish ABC (green) could to be taking place within wave B (green). The Fibonacci levels are targets and potential bouncing spots unless price breaks below the support trend line (green) that is connecting wave A (blue) and wave B (green).
GBP/USD
4 hour
<img src=“https://s11.postimg.org/nwb4dvrmr/19_10_2016gu4.png”>
The GBP/USD continues to build a triangle formation within the wave 4 (green) correction as the Cable breaks above resistance (dotted red). The Fib levels are expected to act as resistance.
1 hour
<img src=“https://s16.postimg.org/7k9w7ai5h/19_10_2016gu1.png”>
The GBP/USD is building a wave C (orange) within wave Y (blue). Currently a wave 4 (grey) correction could be developing unless price breaks below the 61.8% Fib level of wave 4 vs 3. A break above resistance (orange) could see price move towards Fibonacci targets.
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EUR/USD break or bounce decision at Fibonacci support zone
EUR/USD
4 hour
<img src=“https://s12.postimg.org/f2x2ytve5/20_10_2016eu4.png”>
The EUR/USD is challenging support levels but needs to break below the 138.2% Fibonacci level of wave X vs W at 1.0940 before a larger correction within wave B (blue) is invalidated and a new downtrend should start. If price does bounce at the support Fibonacci levels of wave X (green), then a rally could occur towards wave Y (green) of wave B (blue).
1 hour
<img src=“https://s10.postimg.org/lgxxg4s95/20_10_2016eu1.png”>
A bullish ABC (green) could occur if price manages to break above the resistance trend line (orange). In such a case, the Fibonacci levels of wave B (blue) are expected to act as resistance.
GBP/USD
4 hour
<img src=“https://s11.postimg.org/yss1lt45f/20_10_2016gu4.png”>
The GBP/USD continues to build a triangle formation within the wave 4 (green) correction and the Fib levels are expected to act as resistance.
1 hour
<img src=“https://s21.postimg.org/fbfodubuv/20_10_2016gu1.png”>
The GBP/USD has either completed wave 5 (grey) or still is moving sideways within wave 4 (grey), which depends on the breakout direction above or below support (green) or resistance (red) trend lines.
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EUR/USD replaces bullish spike with bearish breakout in wave-C
EUR/USD
4 hour
<img src=“https://s10.postimg.org/y8xtvfumx/21_10_2016eu4.png”>
The EUR/USD completed one more bullish push as expected within wave B (blue) before building a bearish turn and breaking below support (dotted green). Price is now in a potential wave C (blue) of a larger daily/weekly triangle (wave d green). The triangle could become invalidate if price manages to become very impulsive (then a larger weekly downtrend could be restarting).
1 hour
<img src=“https://s12.postimg.org/wyfu9irgt/21_10_2016eu1.png”>
A bearish ABC (blue) could continue to develop if price manages to break below the Fibonacci levels.
GBP/USD
4 hour
<img src=“https://s9.postimg.org/5499zq7vj/21_10_2016gu4.png”>
The GBP/USD is challenging the support trend line (green). A break below it could see price develop a bearish breakout to retest the bottom. Whether the wave 4 (green) is complete or still developing depends also how price would break support (if it does).
1 hour
<img src=“https://s14.postimg.org/vpbh3s89d/21_10_2016gu1.png”>
The GBP/USD could show a breakout above or below support (green) or resistance (red) trend lines.
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US Dollar triangle consolidation after bullish breakout
EUR/USD
4 hour
<img src=“https://s14.postimg.org/pdkuz5m41/24_10_2016eu4.png”>
The EUR/USD has reached the 61.8% Fibonacci target of wave C vs A. Lower Fib targets could be in reach if price manages to break below the low (purple line). A larger daily/weekly triangle (wave d green) is taking place, which could become unlikely if price manages to become very impulsive (then a larger weekly downtrend could be restarting).
1 hour
<img src=“https://s9.postimg.org/97iwreojz/24_10_2016eu1.png”>
Five waves (green) are visible within bearish wave C (blue) which could indicate the end of the downtrend. A break below the bottom (green) could indicate a continuation towards the Fibonacci levels.
GBP/USD
4 hour
<img src=“https://s16.postimg.org/5j4n89czp/24_10_2016gu4.png”>
The GBP/USD is moving in between support and resistance and building a contracting triangle. The Cable is now challenging the support trend line (green). A break below it could see price develop a bearish breakout to retest the Fibonacci levels of wave X (blue). A break above resistance (orange) could see the development of a wave Y (blue) within wave 4 (green).
1 hour
<img src=“https://s15.postimg.org/qylpge51n/24_10_2016gu1.png”>
The GBP/USD is in a wedge and has support (green) and resistance (red) trend lines nearby which offer bounce and break spots.
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GBP/USD builds lengthy triangle but USD/JPY restarts bullish trend
EUR/USD
4 hour
<img src=“https://s15.postimg.org/6mowor0uz/25_10_2016eu4.png”>
The EUR/USD is in a downtrend and building lower lows and lower highs. At the moment price is building a small sideways consolidation zone. A break below the support (green) could price fall towards 78.6% Fibonacci level of wave d (green), which is part o f a larger daily/weekly triangle (wave d green). If price manages to fall very impulsively then a larger weekly downtrend could be restarting.
1 hour
<img src=“https://s21.postimg.org/mrz5nx1nb/25_10_2016eu1.png”>
The EUR/USD is in a wave 4 (green) unless price manages to break above the 61.8% Fibonacci level of wave 4 vs 3. A break below support could see the start of wave 5 (green).
GBP/USD
4 hour
<img src=“https://s22.postimg.org/5kqe8ism9/25_10_2016gu4.png”>
The GBP/USD is moving in between support and resistance and building a contracting triangle. The Cable is now challenging the support trend line (green). A break below it could see price develop a bearish breakout to retest the Fibonacci levels of wave X (blue). A break above resistance (orange) could see the development of a wave Y (blue) within wave 4 (green).
1 hour
<img src=“https://s13.postimg.org/lbug3jb13/25_10_2016gu1.png”>
The GBP/USD is in a wedge and has support (green) and resistance (red) trend lines nearby which offer bounce and break spots.
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Key resistance EUR/USD at 1.10 and GBP/USD at 1.2250
Key resistance EUR/USD at 1.10 and GBP/USD at 1.2250
EUR/USD
4 hour
<img src=“http://s15.postimg.org/sf0raw34b/27_10_2016eu4.png”>
The EUR/USD made a bullish bounce despite the downtrend but was so far unable to break above the first resistance trend line (orange). A breakout above resistance could see price continue higher as part of wave e (green), which is a larger triangle on the daily and weekly charts. A breakout below support (green) could price fall towards the next Fibonacci support.
1 hour
<img src=“http://s11.postimg.org/rdmdef79f/27_10_2016eu1.png”>
The EUR/USD completed a bullish ABC zigzag as expected yesterday (blue). This is most likely part of a larger correction indicated by the WXY (purple). A breakout above resistance (orange) could price move towards Fib targets.
GBP/USD
4 hour
<img src=“http://s17.postimg.org/wdh0qpoun/27_10_2016gu4.png”>
The GBP/USD showed a bullish bounce back to the resistance zone (orange), which seems to be part of a larger WXY (blue) correction.
1 hour
<img src=“http://s21.postimg.org/cuh01j9bb/27_10_2016gu1.png”>
The GBP/USD completed an ABC zigzag (grey) as expected. A new bearish zigzag (grey) could take price back to the Fibonacci support levels of wave X (orange).
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USD/JPY uptrend breaking multiple resistances with Fib targets in vision
EUR/USD
4 hour
<img src=“http://s18.postimg.org/efzlizsft/28_10_2016eu4.png”>
The EUR/USD is in a small triangle (green/orange lines) after having made a bullish bounce within a larger downtrend. A breakout above the resistance trend line (orange) could start a larger correction within wave e (green), which is a larger triangle on the daily and weekly charts. A breakout below support (green) could price fall towards the next Fibonacci support.
1 hour
<img src=“http://s14.postimg.org/jl0ppy8rl/28_10_2016eu1.png”>
The EUR/USD completed a bearish ABC zigzag (green). A breakout above resistance (orange) could price move towards Fib targets as part of a wave C (blue) whereas a bearish breakout below support (green) could see price fall towards the next 78.6% Fib. A break below the bottom and 100% Fib is needed before the downtrend is active.
GBP/USD
4 hour
<img src=“http://s18.postimg.org/4xznwoq6h/28_10_2016gu4.png”>
The GBP/USD is building a new triangle (red/green lines), which seems to be part of a larger WXY (blue) correction. Once wave 4 (green) is completed a downtrend continuation is expected to push below support (wave 5 blue).
1 hour
<img src=“http://s22.postimg.org/x44wwwuy9/28_10_2016gu1.png”>
The GBP/USD completed a bearish ABC zigzag (grey) yesterday as expected. A new bearish zigzag (grey) could take price back to the resistance zone (red/orange). A break below support (green) still has to deal with the Fibonacci support levels but a break below the bottom could see price challenge the 1.20 round level.
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EUR/USD bullish zigzag with Fibonacci targets above trend line
EUR/USD
4 hour
<img src=“https://s17.postimg.org/4m7yrhvq7/31_10_2016eu4.png”>
The EUR/USD broke above the triangle (dotted orange) and is expanding the bullish correction, which makes it more likely that a continuation of the daily triangle via wave d-e (green) is occurring. For the moment this correction has been labelled WXY (brown).
1 hour
https://s21.postimg.org/a13rwb5av/31_10_2016eu1.png">
The EUR/USD breakout above resistance (red) has seen price move towards the Fib targets as part of a wave C (blue). At the moment a wave 3-4 (green) could still be taking place within wave C (blue) as long as price stays above the 61.8% Fibonacci retracement level and support trend line (green).
GBP/USD
4 hour
https://s21.postimg.org/yc5558ajr/31_10_2016gu4.png">
The GBP/USD is building a triangle (red/green lines) as part of a WXY (blue) correction within wave 4 (green). Once wave 4 (green) is completed, a downtrend continuation is expected to push below support for wave 5 (blue).
1 hour
<img src=“https://s12.postimg.org/zd0b938ul/31_10_2016gu1.png”>
The GBP/USD is in a large consolidation and could continue to build zigzags between support and resistance. A break above or below support or resistance lines could indicate a potential for price to move towards Fib targets or continue with the larger trend.
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US Dollar bullish and bearish bounces within triangle chart pattern
EUR/USD
4 hour
<img src=“https://s14.postimg.org/q1l7w9wmp/01_11_2016eu4.png”>
The EUR/USD bullish correction (wave W) could be part of a larger daily triangle via a wave d-e (green) unless price breaks below the most recent bottom at 1.0850.
1 hour
<img src=“https://s12.postimg.org/3ymcwc465/01_11_2016eu1.png”>
The EUR/USD bounced at the 61.8% Fibonacci level yesterday. A breakout above resistance (red) could see price move towards the Fib targets as part of a wave C (blue).
GBP/USD
4 hour
<img src=“https://s22.postimg.org/wqsnw72lt/01_11_2016gu4.png”>
The GBP/USD is building a triangle (red/green lines) as part of a WXY (blue) correction within wave 4 (green). Once wave 4 (green) is completed, a downtrend continuation is expected to push below support for wave 5 (blue/purple).
1 hour
<img src=“https://s15.postimg.org/lxxr5kpqz/01_11_2016gu1.png”>
The GBP/USD has continued to build zigzags between support and resistance. Yesterday for instance price bounced at the support trend line and Fibonacci support. A break above resistance (red) would be needed before a potential move towards Fib targets could occur.
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EUR/USD strong bullish break and USD/JPY corrective ABC zigzag
EUR/USD
4 hour
<img src=“https://s11.postimg.org/wvc2p1smr/02_11_2016eu4.png”>
The EUR/USD bullishness continued to higher levels yesterday. The strong momentum is making a wave 3 (blue) more likely now. All in all the bullish trend is probably part of a wave d-e (green) daily triangle.
1 hour
<img src=“https://s18.postimg.org/cj52sjpkp/02_11_2016eu1.png”>
The EUR/USD breakout above resistance (red) took place as indicated yesterday. The bullish momentum has been marked as wave 3 (orange) and a wave 5 (orange) of wave 3 (blue) could be completed as price approaches the Fib targets. In such a scenario a wave 4 (blue) sideways correction like a bull flag could occur.
GBP/USD
4 hour
<img src=“https://s18.postimg.org/4rm24ot6h/02_11_2016gu4.png”>
The GBP/USD is building a triangle (red/green lines) as part of a WXY (blue) correction within wave 4 (green). Once wave 4 (green) is completed, a downtrend continuation is expected to push below support for wave 5 (blue/purple).
1 hour
<img src=“https://s16.postimg.org/iauzu8kut/02_11_2016gu1.png”>
The GBP/USD has continued to build zigzags between support and resistance. Yesterday price tried to break above resistance (yellow/red) but failed as price completed a 5th wave (dark red) within an ABC zigzag (purple). At the moment price has respected the 38.2% Fibonacci support level and the other Fib levels could provide support too. A break above resistance could see price move towards the Fibonacci levels of wave Y (blue).
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EUR/USD bullish breakout continues but 38.2% Fib nearby
EUR/USD
4 hour
<img src=“https://s16.postimg.org/6jsmcvb9h/03_11_2016eu4.png”>
The EUR/USD uptrend showed one more bullish push yesterday but price is now near the 38.2% Fibonacci resistance level of wave e (green), which is part of a wave d-e (green) daily triangle. The bullish momentum seems to be a 5 wave (blue) within a larger zigzag (A purple).
1 hour
<img src=“https://s12.postimg.org/m7jwhc9b1/03_11_2016eu1.png”>
The EUR/USD showed extended 5 waves (grey) within wave 5 (orange). Price could still push up higher to the Fibonacci targets but eventually a correction (wave 4 blue) is expected.
GBP/USD
4 hour
<img src=“https://s22.postimg.org/ma8u1ttsx/03_11_2016gu4.png”>
The GBP/USD continues to respect a contracting triangle (red/green lines) as part of a WXY (blue) correction within wave 4 (green). Once wave 4 (green) is completed, a downtrend continuation is expected to push below support for wave 5 (blue/purple).
1 hour
<img src=“https://s11.postimg.org/oi37q0d9f/03_11_2016gu1.png”>
The GBP/USD continues with building zigzags but this time price did manage to break above resistance (dotted red/orange). Price could make a new pullback to support (trend line/Fibs) before moving up higher to the 61.8% Fib for instance of wave Y vs W.
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Context of US Dollar momentum within waves and Fibonacci
EUR/USD
4 hour
<img src=“https://s18.postimg.org/avdbniudl/04_11_2016eu4.png”>
The EUR/USD indeed built a bearish bounce yesterday at the 38.2% Fibonacci retracement level. The bullish momentum was strong which makes a wave 3 (purple) likely. A retracement for wave 4 (purple) seems to be taking place as price is making a triangle. The wave 4 seems likely as long as price remains above the 50% of wave 4 vs 3. The wave 5 could be short as price reaches the resistance trend line (red). A bearish correction could take place as the market awaits the US Presidential Election next week Tuesday.
1 hour
<img src=“https://s14.postimg.org/xmypobrwh/04_11_2016eu1.png”>
The EUR/USD finished a wave 5 (orange) and built an ABC (blue) correction as expected yesterday. A bounce at the support trend line (green) could complete wave C (blue) whereas a break above resistance (red) could see wave 5 continue.
GBP/USD
4 hour
<img src=“https://s22.postimg.org/xghnuwrbl/04_11_2016gu4.png”>
The GBP/USD is building a WXY (blue) correction within wave 4 (green). Once wave 4 (green) is completed, a downtrend continuation is expected to push below support for wave 5 (blue/purple).
1 hour
<img src=“https://s22.postimg.org/3livxmb8x/04_11_2016gu1.png”>
The GBP/USD continued higher yesterday which could either mark complete wave c (grey) or wave 3 (purple), which will partly depend on how price responds in this potential wave 4 (purple). A bull flag chart pattern that stays above the 50% Fibonacci level increases the chance of a wave 4. The wave 5 could be short as price reaches the Fibonacci targets. A bearish correction could take place as the market awaits the US Presidential Election next week Tuesday.
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USD/JPY sturdy bullish reversal at 50% Fib of wave 4
EUR/USD
4 hour
<img src=“https://s12.postimg.org/fpc6vy4xp/07_11_2016eu4.png”>
The EUR/USD managed to retrace back to the 38.2% Fibonacci retracement level of wave E vs D (green) of a larger triangle on the daily/weekly charts. The EUR/USD has completed a wave 5 (purple) of potential wave a (brown) if price manages to break below the support trend line (green) and 50% Fib of wave 4 vs 3. A bounce at support could still wave 5 go higher and perhaps reach the resistance (red).
1 hour
<img src=“https://s17.postimg.org/65nzgndzj/07_11_2016eu1.png”>
The EUR/USD has either completed a wave 5 (purple) at the recent high or is expanding the wave 4 correction (purple) via an ABC (blue).
GBP/USD
4 hour
<img src=“https://s15.postimg.org/bkcht1dmz/07_11_2016gu4.png”>
The GBP/USD is building a WXY (blue) correction within wave 4 (green). Once wave 4 (green) is completed, a downtrend continuation is expected to push below support for wave 5 (blue/purple).
1 hour
<img src=“https://s11.postimg.org/shclidy8j/07_11_2016gu1.png”>
The GBP/USD broke the trend line (dotted red) and made a higher high as part of the wave 5 (purple) within wave C (purple). A bearish correction seems to have started at the resistance Fibs.
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US Dollar awaits results from 2016 US Presidential Elections
EUR/USD
4 hour
<img src=“https://s15.postimg.org/dpdjj00bf/08_11_2016eu4.png”>
The EUR/USD price movement will depend on the election news and results as Americans vote for their next President of the United States. With USD weakness, the EUR/USD could be building a potential ABC (brown) towards the 50% or 61.8% of wave e (green). With USD strength, the EUR/USD could break the support trend line (green) and test deeper Fibs of wave b (brown) or alternatively start a downtrend.
1 hour
<img src=“https://s21.postimg.org/dqodwdk7r/08_11_2016eu1.png”>
The EUR/USD could use the Fibonacci levels of wave b (brown) as potential bouncing spots, although it will depend on the levels of momentum and volatility during the elections.
GBP/USD
4 hour
<img src=“https://s22.postimg.org/v66sqeb35/08_11_2016gu4.png”>
The GBP/USD is building a WXY (blue) correction within wave 4 (green). Once wave 4 (green) is completed, a downtrend continuation is expected to push below support for wave 5 (blue/purple). USD weakness could expand the wave 4, whereas USD strength could start wave 5.
1 hour
<img src=“https://s13.postimg.org/wphwh5jbr/08_11_2016gu1.png”>
The GBP/USD could be vulnerable to bounces at Fibonacci levels during the elections.
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