EUR/USD starts bullish push but strong resistance remains crucial
EUR/USD
4 hour
<img src=“https://s17.postimg.org/wrqm2ewdr/15_09_2016eu4.png”>
The EUR/USD is moving sideways in a larger consolidation zone between support (green) and resistance (orange). A break out below the support trend lines confirms the continuation of waves Y within wave d (green). The current Fibonacci levels should act as resistance.
1 hour
<img src=“https://s18.postimg.org/jc1fmnmyh/15_09_2016eu1.png”>
The EUR/USD did not manage to break horizontal support yesterday (green box) and made a bullish bounce. The momentum is making it likely that a 5 wave ending diagonal is taking place (orange).
GBP/USD
4 hour
<img src=“https://s10.postimg.org/5oshe2chl/15_09_2016gu4.png”>
The GBP/USD is making a bullish retracement after breaking below the support trend lines (dotted green) earlier this week. Price is expected to find resistance and make a bearish turn as part of wave B (purple) unless price manages to break above the top of wave X (blue).
1 hour
<img src=“https://s14.postimg.org/iy5m3u869/15_09_2016gu1.png”>
The GBP/USD is probably building a bearish ABC zigzag (purple). The Fibonacci retracement levels of wave B (purple) are most likely expected to offer resistance. The invalidation level of wave B (purple) is the 100% Fib, which would indicate that a bearish correction has completed at the most recent low.
Follow @ChrisSvorcik on twitter for latest market updates
US Dollar gains strong bullish momentum in wave 3
EUR/USD
4 hour
<img src=“https://s22.postimg.org/4dptpwk9d/19_09_2016eu4.png”>
The trend line (orange) indeed acted as resistance and the EUR/USD fell below support (dotted green) as indicated last week. A bearish zigzag seems the most likely and the current bearish momentum is wave A (green). On the larger scale a contracting triangle is probably taking place and price is now in the wave d (green).
1 hour
<img src=“https://s13.postimg.org/vy1jmd98n/19_09_2016eu1.png”>
The EUR/USD is building a retracement within wave 4 (orange) unless price breaks above the 50% Fibonacci level, which then makes it more likely that wave A (green) has been completed at the most recent bottom.
GBP/USD
4 hour
<img src=“https://s13.postimg.org/w6idc676f/19_09_2016gu4.png”>
The GBP/USD wave count is now showing a bearish impulse (pink) but the wave count is vulnerable to change if price does not break below the 78.6% Fibonacci level (blue) and breaks above resistance (red).
1 hour
<img src=“https://s12.postimg.org/3yegfycod/19_09_2016gu1.png”>
The GBP/USD is building a wave 4 (blue) retracement of the impulsive wave 3 (blue). Usually price will respect the 23.6% to 50% Fibonacci levels within a wave 4. A break above the 61.8% invalidates the current wave 4 (blue).
Follow @ChrisSvorcik on twitter for latest market updates
EUR/USD, GBP/USD retrace back to 38.2% and 50% Fibonacci levels
EUR/USD
4 hour
<img src=“http://s14.postimg.org/lpvr9w9m9/20_09_2016eu4.png”>
The EUR/USD is building a small pause at the Fibonacci level after breaking below the support trend line (dotted green). A bearish continuation could take price to lower Fibonacci levels.
1 hour
<img src=“http://s22.postimg.org/d1ju8mzmp/20_09_2016eu1.png”>
The EUR/USD has retraced to the 50% Fibonacci retracement level of wave 4 (orange) vs 3. A break above the 78.6% Fib invalidates the wave 4 (orange). A break below support (green) could confirm the wave 5 (green) of wave A (orange).
GBP/USD
4 hour
<img src=“http://s21.postimg.org/pdia7c7dz/20_09_2016gu4.png”>
The GBP/USD needs to break below the 78.6% Fibonacci level (blue) and support trend line (green) before price has a chance of moving towards the Fibonacci targets of wave 3 (green) vs 1. A break above resistance (red) invalidates the current wave 3’s.
1 hour
<img src=“http://s12.postimg.org/4crmyibx9/20_09_2016gu1.png”>
The GBP/USD has retraced back to the 38.2% Fibonacci level of wave 4 (blue) vs 3. A break above the resistance trend line (red) and 78.6% Fibonacci level invalidates wave 4 (blue) whereas a break below support (green) could indicate the continuation of wave 3 (green).
Follow @ChrisSvorcik on twitter for latest market updates
EUR/USD, GBP/USD bearish breakout after turn at Fibonacci levels
EUR/USD
4 hour
<img src=“http://s15.postimg.org/439jb7ssb/21_09_2016eu4.png”>
The EUR/USD broke the support trend line (dotted green) again and price is now building a bearish channel (orange). A break below the 78.6% Fibonacci level could see the EUR/USD fall towards the next Fibonacci targets within a larger contracting triangle (wave d green).
1 hour
<img src=“http://s3.postimg.org/bj3hkzpeb/21_09_2016eu1.png”>
The EUR/USD has paused at the previous bottom (green) and a break below the support is needed before a continuation of wave 5 (orange) is possible.
GBP/USD
4 hour
<img src=“http://s9.postimg.org/x88c5xnq7/21_09_2016gu4.png”>
The GBP/USD indeed completed a wave 4 (blue) as indicated during this week’s wave analysis. The Cable is now falling towards the Fibonacci targets of wave 3 (green).
1 hour
<img src=“http://s11.postimg.org/5nr4hsvn7/21_09_2016gu1.png”>
The GBP/USD seems to be building an extended wave 5 (grey) within wave 5 (blue). A break above the 61.8% Fibonacci retracement invalidates the bearish 5 wave (grey).
Follow @ChrisSvorcik on twitter for latest market updates
US Dollar strength fades after divergence pattern appears
EUR/USD
4 hour
<img src=“http://s12.postimg.org/4em7c9a25/22_09_2016eu4.png”>
The EUR/USD bounced at the previous bottom (green) during yesterday’s trading. The bullish bounce has probably completed a bearish ABC (green). The resistance (red) and support (green) trend lines indicate a potential descending wedge chart pattern, which is confirmed if price breaks below support. For the moment a wave X (blue) within a larger wave d (green) triangle is likely.
1 hour
<img src=“http://s10.postimg.org/oey7c0jvt/22_09_2016eu1.png”>
The EUR/USD completed a wave 5 (orange) after divergence appeared (purple) and will most likely build a bullish ABC zigzag (green) within wave X (blue). The Fibonacci levels of wave B (blue) vs A are expected to act as support with a break below the 100% level indicating an invalidation.
GBP/USD
4 hour
<img src=“http://s11.postimg.org/n68y4708z/22_09_2016gu4.png”>
The GBP/USD has completed a bearish wave at the recent bottom, which could either completed a wave 3 (green) or wave C (purple) of a larger ABCDE contracting triangle (purple). A break above the 50% Fibonacci level of wave 4 (green) vs 3 and resistance trend line (red) invalidates wave 4 (green) and increases the chances of a wave d and e (purple).
1 hour
<img src=“http://s17.postimg.org/cx8vwsgfz/22_09_2016gu1.png”>
The GBP/USD is making a bullish wave and arriving at a key resistance zone (as indicated in the 4 hour chart) after wave 5 (blue) showed divergence (purple line) with wave 3 (blue).
Follow @ChrisSvorcik on twitter for latest market updates
Critical support and resistance levels visible in Forex market
EUR/USD
4 hour
<img src=“http://s13.postimg.org/e9pkr8y0n/26_09_2016eu4.png”>
If the EUR/USD manages to break the resistance trend line (orange), then the Fibonacci levels of wave X (blue) are expected to stop price from moving much further. Only a break above the top (purple) would invalidate the larger consolidation zone marked as wave X (purple and blue). Overall it seems most likely that a larger wave Y (brown/purple) is developing within a contracting triangle on the daily chart (wave d green).
1 hour
<img src=“http://s14.postimg.org/wk2m3yq6p/26_09_2016eu1.png”>
The EUR/USD is either building a bearish ABC zigzag (orange) within wave B (green), which means that price will break below the support trend line (dark green), or the EUR/USD will complete the bullish ABC (green) zigzag within wave X (blue), which means that price will break above resistance (red).
GBP/USD
4 hour
<img src=“http://s17.postimg.org/wh5gcuzsf/26_09_2016gu4.png”>
The GBP/USD is building either a wave 3 (pink) within a larger downtrend or wave d (purple) of a larger ABCDE contracting triangle (purple). A break above the 100% Fibonacci level of potential wave 2 (blue) vs 1 and resistance trend line (red) increases the chance of a wave d and e (purple).
1 hour
<img src=“http://s10.postimg.org/7jdqj17jt/26_09_2016gu1.png”>
The GBP/USD could be building an ABC (grey) within wave 2 (blue). A break below support (green) could see price retesting the previous bottom at 1.29. A break below the bottom could indicate one more bearish push towards the bottom on the 4 hour chart at 1.2850.
Follow @ChrisSvorcik on twitter for latest market updates
US Dollar support levels indicate key decision zone
EUR/USD
4 hour
<img src=“https://s9.postimg.org/40zy4di5r/27_09_2016eu4.png”>
The EUR/USD managed to break above the resistance trend line (dotted orange) yesterday but also was unable to push above the Fibonacci levels of wave X (blue) as expected. Only a break above the top (purple) invalidates the larger consolidation zone marked as wave X (blue). It seems more likely that a larger waves Y is developing within a contracting triangle on the daily chart (wave d green).
1 hour
<img src=“https://s17.postimg.org/3qhht4gan/27_09_2016eu1.png”>
Whether the EUR/USD will start the bearish momentum needed to start the wave Y (blue) remains to be confirmed. At the moment price has still two layers of support below it (green). A bearish break could indicate the start of a bearish ABC zigzag (green). A bullish bounce at support, however could see price retest higher resistance again like the 61.8% or 78.6% Fibonacci levels.
GBP/USD
4 hour
<img src=“https://s17.postimg.org/wpfbp0zcf/27_09_2016gu4.png”>
The GBP/USD is either building a wave 3 (pink) within a larger downtrend or wave d (purple) of a larger ABCDE contracting triangle (purple). A break above the 100% Fibonacci level of potential wave 2 (blue) vs 1 and resistance zone (red/orange) increases the chance of a wave d and e (purple) whereas a break below the bottom (blue) of wave b (purple) favours a wave 3 (pink).
1 hour
<img src=“https://s18.postimg.org/rwe1kan6h/27_09_2016gu1.png”>
The GBP/USD broke the support trend line (dotted green) yesterday but price was unable to break below the previous bottom and trend line (solid green). A bullish correction via an ABC (grey) seems likely at the moment. The Fibonacci levels are expected to act as resistance.
Follow @ChrisSvorcik on twitter for latest market updates
EUR/USD keeps building zigzags and USD/JPY breaks with impulse
EUR/USD
4 hour
<img src=“https://s21.postimg.org/qlitnm8xz/29_09_2016eu4.png”>
The EUR/USD is building a bullish retracement, which could become a head and shoulders pattern (purple boxes) if price makes a bearish turn at 1.1250. Such a rejection could occur when a bearish ABC (blue) zigzag occurs within the larger consolidation zone (purple/blue lines).
1 hour
<img src=“https://s18.postimg.org/n9qtl1ac9/29_09_2016eu1.png”>
The EUR/USD completed a 5th wave (green) within wave A (blue), which was followed by a new bullish wave A and B (green) zigzag. Price is now probably in a wave C (green) zigzag, unless price breaks above the 100% Fibonacci level.
GBP/USD
4 hour
<img src=“https://s14.postimg.org/6ery23jwx/29_09_2016gu4.png”>
The GBP/USD broke above the resistance trend line (dotted red), which makes a larger ABCDE contracting triangle (purple) more likely at the moment. However, the bearish alternative (pink 3) has not been removed from the chart because price is moving higher in a corrective channel (orange/green lines). A break above the 100% Fibonacci level is needed before wave 2 (blue) is invalidated.
1 hour
<img src=“https://s15.postimg.org/4u9dn9r23/29_09_2016gu1.png”>
The GBP/USD is showing two wave counts. One where a larger ABC bullish zigzag (purple) is taking place within wave E (purple) and another where WXY (grey) is built within wave 2 (blue).
Follow @ChrisSvorcik on twitter for latest market updates
EUR/USD, GBP/USD build opposite head and shoulders reversal patterns
EUR/USD
4 hour
<img src=“https://s12.postimg.org/ovwj52vf1/30_09_2016eu4.png”>
The EUR/USD continued with its bullish retracement yesterday but the resistance at 1.1250 has so far stopped price from moving higher. As expected in yesterday’s analysis, the head and shoulders pattern (purple boxes) is a reversal pattern that could indicate a bearish bounce if price manages to break the neck line (light green) of that pattern. Such a rejection could occur when a bearish ABC (blue) zigzag occurs that could bring price back towards the bottom of the larger consolidation zone (purple/green lines).
1 hour
<img src=“https://s21.postimg.org/9f7lct5k7/30_09_2016eu1.png”>
The EUR/USD seems to have completed a bullish ABC zigzag (green) within wave B (blue). A move higher would still resistance at trend lines (orange/red) and Fib levels but a break above that zone would invalidate the current ABC (blue). A break below support (light green) could see the potential start of bearish momentum (dark red arrows).
GBP/USD
4 hour
<img src=“https://s17.postimg.org/3kdq4fs9r/30_09_2016gu4.png”>
The GBP/USD bearish price action seems to move correctively, which makes a larger ABC (light purple) the most likely wave structure at the moment. Price has retested the previous bottom and is stopping at the 78.6% Fibonacci retracement of wave B (light purple), which is the level of a potential inverted head and shoulders (purples boxes) reversal pattern. Price could either be in a wave E (purple) or wave 4 (pink), which depends on whether price moves above the 100% Fibonacci level (wave E) or stays below it (wave 4).
1 hour
<img src=“https://s18.postimg.org/v36nhn36x/30_09_2016gu1.png”>
The GBP/USD break above resistance (orange) could see a bullish move higher but a break below the 100% Fibonacci invalidates the wave B (blue).
Follow @ChrisSvorcik on twitter for latest market updates
US Dollar breakout to confirm or invalidate key levels
EUR/USD
4 hour
<img src=“https://s10.postimg.org/6nzrev1ax/03_10_2016eu4.png”>
Support and resistance (S&R) levels remain key. The EUR/USD remains in a contacting ABCDE triangle chart pattern (blue) unless price breaks above the invalidation level (pink). A break below support (green) indicates that a wave Y (brown) is most likely starting within wave d (green).
1 hour
<img src=“https://s15.postimg.org/4v5v1yqgr/03_10_2016eu1.png”>
The EUR/USD is building a smaller triangle indicated by the support (green) and resistance (orange) trend lines. A push higher is expected at the moment to complete the bullish ABC (green) but a break above pink invalidates the wave E (blue).
GBP/USD
4 hour
<img src=“https://s18.postimg.org/htiwqfr3d/03_10_2016gu4.png”>
The GBP/USD could either be in a wave E (green) or wave 4 (pink). A break below support (blue) makes the pink wave count more likely whereas a break above resistance (red) makes the wave E (green) triangle more likely.
1 hour
<img src=“https://s10.postimg.org/h08qfhsbd/03_10_2016gu1.png”>
The GBP/USD is behaving more correctively and a complex correction (WXY blue) is emerging.
Follow @ChrisSvorcik on twitter for latest market updates
USD/JPY breaks major resistance of daily downtrend channel
EUR/USD
4 hour
<img src=“https://s12.postimg.org/r5ma4rd4d/04_10_2016eu4.png”>
The EUR/USD is moving sideways as part of a large consolidation zone, which is indicated by the support (green) and resistance (red) trend lines. An ABCDE triangle chart pattern (blue) is most likely unfolding within wave X (purple) unless price breaks above the invalidation level (pink). A break below support (green) indicates that a wave Y (brown) is most likely starting within wave d (green).
1 hour
<img src=“https://s22.postimg.org/4z37opmup/04_10_2016eu1.png”>
The EUR/USD broke the support (green) of the smaller triangle yesterday and price seems to have moved down as part of a bearish ABC zigzag (orange). A bullish bounce could occur at the Fibonacci retracement levels if a bullish pattern appears. The bounce could see price challenge the 1.1250 zone. A break below the 100% Fibonacci level invalidates wave B (green) but also a bear flag pattern makes an ABC zigzag (orange) less likely and a new bearish wave count more likely.
GBP/USD
4 hour
<img src=“https://s15.postimg.org/qqlfl2hmz/04_10_2016gu4.png”>
The GBP/USD broke below the bottom (dotted green), which means that a bearish impulsive wave count is currently valid. Price is now moving towards the Fibonacci targets although there is one more bottom remaining at 1.28 (equal to the 50% Fib).
1 hour
<img src=“https://s11.postimg.org/8ts4t4k4j/04_10_2016gu1.png”>
The GBP/USD broke the support trend line (dotted green) and a new bearish impulse become visible. A break of support could see price fall towards the other Fibonacci targets.
Follow @ChrisSvorcik on twitter for latest market updates
GBP/USD impulse breaks below 1.28 yearly low
EUR/USD
4 hour
<img src=“https://s22.postimg.org/anz598eoh/05_10_2016eu4.png”>
The EUR/USD made a strong bearish and bullish movement yesterday. The price action however remained part of a large consolidation zone, which is indicated by the support (green) and resistance (red) trend lines. An ABCDE triangle chart pattern (blue) is most likely unfolding within wave X (purple) unless price breaks above the invalidation level (pink). A break below support (green) indicates that a wave Y (brown) is most likely starting within waved (green).
1 hour
<img src=“https://s22.postimg.org/436orrkgx/05_10_2016eu1.png”>
The EUR/USD completed the bearish ABC zigzag (orange) mentioned yesterday. The bullish bounce near support (green) levels has seen price quickly move above 1.12. For the moment I am expecting price to remain choppy and a potential ABC (green) could form within wave E (blue).
GBP/USD
4 hour
<img src=“https://s21.postimg.org/4dmz0mhvb/05_10_2016gu4.png”>
The GBP/USD has moved below the low at 1.28 of earlier this year and is now building a bearish impulse which has been labelled as a wave 3 (blue). Price has now reached the 261.8% Fibonacci target, which could cause a retracement. The next bigger target could be near 1.25.
1 hour
<img src=“https://s13.postimg.org/83y6qvjkn/05_10_2016gu1.png”>
The GBP/USD seems to have completed 5 waves (grey/orange) within wave 3 (blue). A wave 4 retracement (blue) should see price respect and turn at the shallower Fibonacci levels like 23.6% and 38.2% Fib.
Follow @ChrisSvorcik on twitter for latest market updates
GBP/USD, USD/JPY move quickly in powerful momentum swings
EUR/USD
4 hour
<img src=“https://s11.postimg.org/klnwk5tc3/06_10_2016eu4.png”>
The EUR/USD is showing multiple impulses up and down and all together they form a larger consolidation zone (green and red trend lines). An ABCDE triangle chart pattern (blue) is most likely unfolding within wave X (purple) unless price breaks above the invalidation level (pink). A break below support (green) indicates that a wave Y (brown) is most likely starting within wave d (green).
1 hour
<img src=“https://s21.postimg.org/n7fe2w4vr/06_10_2016eu1.png”>
The EUR/USD retraced back to the 50% Fibonacci level of wave B (green) but price could retest lower Fibonacci levels before completing potential wave C (green). A break below the 100% Fibonacci level of wave B vs A invalidates the bullish ABC (green) whereas a break above the resistance (pink) invalidates wave X (purple).
GBP/USD
4 hour
<img src=“https://s12.postimg.org/52furzgrx/06_10_2016gu4.png”>
The GBP/USD is building a (light) retracement within a strong bearish impulse, which has broken previous bottoms and lows of earlier this year. A break of the support (green) could price extend the decline towards the Fibonacci targets (red arrows).
1 hour
<img src=“https://s13.postimg.org/hyet7591j/06_10_2016gu1.png”>
The GBP/USD seems to have completed 5 waves (grey/orange) within wave 3 (blue). A wave 4 retracement (blue) should see price respect and turn at the shallower Fibonacci levels like 23.6% and 38.2% Fib. A break below the bottom should build a small bear flag (orange arrow) emerge before dropping to the Fibonacci targets, or else the break could still be part of a larger wave 4 (blue) correction.
Follow*@ChrisSvorcik*on twitter for latest market updates
GBP/USD crashes to 1.10
EUR/USD
4 hour
<img src=“https://s18.postimg.org/4wzvl8nu1/07_10_2016eu4.png”>
The EUR/USD finally broke below support (dotted green), which indicates that ABCDE (blue) contracting triangle within wave X (purple) is completed. Price could now fall within a wave Y (purple) of wave d (green). The wave d (green) could be invalidated if bearish momentum increases rapidly, which would indicate the start of a larger downtrend.
1 hour
<img src=“https://s11.postimg.org/a78z6ylmr/07_10_2016eu1.png”>
The EUR/USD is building a bearish impulse and a correction will most likely be shallow as part of a wave 4 (orange).
GBP/USD
4 hour
<img src=“https://s12.postimg.org/ks99tsb65/07_10_2016gu4.png”>
The GBP/USD broke support (dotted green) yesterday and surely did extend the decline towards the Fibonacci targets (see the multiple red arrows mentioned in yesterday’s wave analysis). Of course, the massive drop went even a lot further than 1.24 and dropped towards 1.10. The news is mentioning two potential reasons: a big order was placed by accident (less likely variant), or more probable, algorithms started selling which trigged more algorithms during a time with low liquidity. In any case, the sudden GBP drop and retracement most likely completed a wave 3 (green) and started a wave 4 (green). The Cable is expected to respect the Fibonacci levels of wave 4 vs 3.1 hour
<img src=“https://s16.postimg.org/84t0gwf2t/07_10_2016gu1.png”>
The GBP/USD massive decline occurred at a time when the Cable was already in a strong bearish momentum this week. Waves 4 are typical choppy and correction and typically price will start to build a range or consolidation zone (arrows going sideways).
Follow @ChrisSvorcik on twitter for latest market updates
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.
Follow @ChrisSvorcik on twitter for latest market updates
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.
Follow @ChrisSvorcik on twitter for latest market updates
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).
Follow @ChrisSvorcik on twitter for latest market updates
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).
Follow @ChrisSvorcik on twitter for latest market updates
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).
Follow @ChrisSvorcik on twitter for latest market updates
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.
Follow @ChrisSvorcik on twitter for latest market updates
