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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Impact of US elections on the US Dollar
EUR/USD
4 hour
<img src=“https://s11.postimg.org/6urpczkkz/09_11_2016eu4.png”>
The US elections took place on 8 November 2016 where the 2 main candidates were Clinton, from the Democratic Party, and Trump, from Republican Party. The financial markets were ‘pricing in’ a Clinton win but as the election night unfolded, it became clear that a Trump win become increasingly possible. Initially, the EUR/USD hit the 50% Fibonacci level but quickly reverted upwards as a Trump win started to become more probable. The bullish price reaction is does align with the expected ABC zigzag mentioned yesterday. Price action can remain volatile as the last states still need to report the final results.
1 hour
<img src=“https://s16.postimg.org/w0blz97hx/09_11_2016eu1.png”>
The EUR/USD has reached the 100% Fibonacci level but the price action remains volatile.
GBP/USD
4 hour
<img src=“https://s17.postimg.org/szrd4lzu7/09_11_2016gu4.png”>
The GBP/USD keeps 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). For now, a bullish reaction is also visible on the Cable.
1 hour
<img src=“https://s14.postimg.org/ebysoyvu9/09_11_2016gu1.png”>
The GBP/USD could be building an ABC zigzag, although all wave counts are vulnerable due to the political event.
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EUR/USD completes 5 bearish waves and prepares for zigzag
EUR/USD
4 hour
<img src=“https://s21.postimg.org/4kwf2dyyv/11_11_2016eu4.png”>
The EUR/USD bearishness has been very impulsive and has been labelled as a wave 1 (green). The wave e (green), however, is quite short in its current form and therefore an alternative but possible scenario is that the wave 1 (green) is still part of a larger correction. The wave 1 (green) would certainly be invalidated if price manages to break above the top (red) and 61.8% of wave E vs D.
1 hour
<img src=“https://s22.postimg.org/quvvvxwb5/11_11_2016eu1.png”>
The EUR/USD wave 1 (green) seems to be completed as several 4 hour candles become bullish. That translates into a small but visible rally on the 1 hour chart which could be the start of a wave a (brown). After the wave a (brown) is completed, then a wave b (brown) retracement and a wave c (brown) continuation is expected. A break below the bottom could see wave 5 extend further.
GBP/USD
4 hour
<img src=“https://s21.postimg.org/szoxh6bfb/11_11_2016gu4.png”>
The GBP/USD is building a strong bullish retracement. The Fibonacci levels could be targets and resistance spots as price develops 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/b1vdo8l2j/11_11_2016gu1.png”>
The GBP/USD finally broke above resistance (dotted red) with momentum (wave 3 purple) and seems to be building a wave 4 (purple) retracement for 1 more push higher within wave C (grey).
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EUR/USD bearish momentum approaches 1.0750 support
EUR/USD
4 hour
<img src=“https://s18.postimg.org/64i8584uh/14_11_2016eu4.png”>
The EUR/USD bearishness continues to push lower but price is approaching a psychological round level of 1.0750, which could act as a potential support level. The bearish wave indicates that wave 4 (blue) has been completed and a new larger downtrend (wave 5) has probably started with a wave 1 (green).
1 hour
<img src=“https://s12.postimg.org/3l7hsbljx/14_11_2016eu1.png”>
The EUR/USD wave 1 (green) still push to lower levels after completing a sideways ABC (purple) correction, which formed a wave 4 (purple). Price could fall towards the Fibonacci targets of wave 5 (brown).
GBP/USD
4 hour
<img src=“https://s11.postimg.org/fi2c4lsyb/14_11_2016gu4.png”>
The GBP/USD is building a strong bullish retracement. The Fibonacci levels could be targets and resistance spots as price develops 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://s13.postimg.org/m1axqslyf/14_11_2016gu1.png”>
The GBP/USD could be building 5 bearish waves (purple) if it manages to stay below resistance (red) and break support (light green). A break above the 50% Fibonacci level of wave 4 vs 3 could indicate that the Cable is continuing with a bullish correction.
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EUR/USD shows divergence and prepares for break or bounce
EUR/USD
4 hour
<img src=“https://s13.postimg.org/jh572pe47/15_11_2016eu4.png”>
The EUR/USD bearish momentum is approaching major support trend lines (green) from the daily chart bottoms. The wave formation could be a wave 1 (green) of a larger wave 5 downtrend (blue).
1 hour
<img src=“https://s18.postimg.org/ik2q1z4t5/15_11_2016eu1.png”>
The EUR/USD wave 1 (green) seems to be complete or near completion when considering the divergence between the bottoms (purple line). An ABC zigzag could occur within wave 2 (green). The wave 2 (green) is invalidated if price breaks above the 100% Fibonacci level. A break below the wave 5 (brown) bottom could see price extend towards the Fib targets of wave 5 vs 1+3.
GBP/USD
4 hour
<img src=“https://s16.postimg.org/sw52qx545/15_11_2016gu4.png”>
The GBP/USD could have finally completed the wave 4 (green) retracement now that a bearish turn is visible on the 1 hour chart. A downtrend continuation is possible if price pushes below support (green) for a wave 5 (green/blue/purple).
1 hour
<img src=“https://s21.postimg.org/65egyeaav/15_11_2016gu1.png”>
The GBP/USD completed 5 bearish waves (orange) as expected yesterday. A bullish zigzag could take place within wave 2 (blue), which would be invalidated if price breaks above the 100% Fibonacci level. A break below the support trend line (green) could see price extend wave 1 (blue) to a lower spot.
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US Dollar builds bullish wave-1 and slowly starts wave-2
EUR/USD
4 hour
<img src=“https://s13.postimg.org/sdqcxsmtj/16_11_2016eu4.png”>
The EUR/USD has been marked as completing a wave 1 (green) of a larger wave 5 downtrend (blue). Price is now retesting the bottom of that wave 1: a bounce could start the wave 2 (green) correction whereas a break could see wave 1 extend towards the major support trend lines (green) from the daily chart bottoms.
1 hour
<img src=“https://s17.postimg.org/t9zak6gfz/16_11_2016eu1.png”>
The EUR/USD could start an ABC zigzag (brown) correction within wave 2 (green) if price manages to break above resistance (red). The wave 2 (green) is invalidated if price breaks above the 100% Fibonacci level. A break below the wave 5 (brown) bottom could see price extend towards the Fib targets of wave 5 vs 1+3.
GBP/USD
4 hour
<img src=“https://s16.postimg.org/ybrg4gyj9/16_11_2016gu4.png”>
The GBP/USD seems to be developing a bearish wave 1 and 2 (blue), which could indicate that a wave 4 (green) retracement has been completed. A downtrend continuation is possible if price pushes below support (green) for a wave 5 (green/blue/purple) whereas the wave 2 (blue) is invalidated once price breaks above the 100% Fib level.
1 hour
<img src=“https://s15.postimg.org/4tijyxz5n/16_11_2016gu1.png”>
The GBP/USD seems to be in a bullish zigzag (orange) within wave 2 (blue), which would be invalidated if price breaks above the 100% Fibonacci level. A break below the 100% Fib of wave B vs A (green) could see price extend wave 1 (blue) to a lower spot.
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Focus on USD versus trend lines and Fibonacci levels
EUR/USD
4 hour
<img src=“https://s14.postimg.org/dylzue5gh/17_11_2016eu4.png”>
The EUR/USD is in a downtrend after completing wave e (green) of wave 4 (blue). Price is still above the support levels (green) from the daily chart bottoms, which could act as potential bouncing spots. A break above resistance (red) trend line could start the wave 2 (green) correction whereas a break below the most recent bottom could see price extend wave 1 (green).
1 hour
<img src=“https://s16.postimg.org/6qe9pxnlx/17_11_2016eu1.png”>
The EUR/USD could start an ABC zigzag (brown) correction within wave 2 (green) if price manages to break above resistance (red). The wave 2 (green) is invalidated if price breaks above the 100% Fibonacci level. A break below the wave b (brown) bottom could see price extend towards the Fib targets of wave 5 vs 1+3.
GBP/USD
4 hour
<img src=“https://s3.postimg.org/sjfl7wlwz/17_11_2016gu4.png”>
The GBP/USD seems to be developing a bearish wave 1 and 2 (blue). A downtrend continuation is possible if price pushes below support (green) for a wave 5 (green/blue/purple) whereas the wave 2 (blue) is invalidated once price breaks above the 100% Fib level of wave 2 vs 1.
1 hour
<img src=“https://s14.postimg.org/b1dvxc3v5/17_11_2016gu1.png”>
The GBP/USD seems to be in a bullish zigzag (orange) within wave 2 (blue), which would be invalidated if price breaks above the 100% Fibonacci level. A break above resistance (red) could see the zigzag retrace deeper. A break below the support trend line (green) could see the Cable fall for a wave 3 (blue).
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USD/JPY uptrend breaks 110 resistance and aims at 115
EUR/USD
4 hour
<img src=“https://s17.postimg.org/wijweyqxr/18_11_2016eu4.png”>
The EUR/USD broke the support trend line (dotted green) and continued with its downtrend. Price is testing the bottoms (green) from the daily chart, which could act as potential bouncing spots.
1 hour
<img src=“https://s14.postimg.org/n2680nq75/18_11_2016eu1.png”>
The EUR/USD broke below the support trend line (dotted green) yesterday, which lead to price falling towards the Fibonacci targets. Any retracement beyond the 50% Fibonacci level invalidates the wave 4 (purple).
GBP/USD
4 hour
<img src=“https://s4.postimg.org/5581rao3h/18_11_2016gu4.png”>
The GBP/USD seems to be developing a bearish wave 1 and 2 (blue). A downtrend continuation is possible if price pushes below support (green) for a wave 3 (blue) whereas the wave 2 (blue) is invalidated if price breaks above the 100% Fib level of wave 2 vs 1.
1 hour
<img src=“https://s13.postimg.org/h863gcy7r/18_11_2016gu1.png”>
The GBP/USD could be in an extended WXT (orange) correction within wave 2 (blue) if price stays above support (green). A break below support (green) could see price start a potential wave 3 (purple).
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EUR/USD bearish momentum approaches 1.05 daily bottom
EUR/USD
4 hour
<img src=“https://s21.postimg.org/ciih48e3b/21_11_2016eu4.png”>
The EUR/USD downtrend is approaching the bottoms (green) from the daily chart, which could act as potential bouncing spots if price is indeed in a wave 5 (brown) of wave 1 (green).
1 hour
<img src=“https://s16.postimg.org/6c3qz01n9/21_11_2016eu1.png”>
The EUR/USD is building a bear flag chart pattern (red/green). A bearish break could see price test the 1.05 support zone. A bullish break above resistance (orange) could indicate the completion of wave 1 (green).
GBP/USD
4 hour
<img src=“https://s17.postimg.org/4q32iloen/21_11_2016gu4.png”>
The GBP/USD seems to be developing a bearish wave 3 (blue). A downtrend continuation is possible if price pushes below support (green).
1 hour
<img src=“https://s3.postimg.org/nu8u5wfwz/21_11_2016gu1.png”>
The GBP/USD is building a bearish trend, which is best indicated by the resistance trend line (red). A break above the 61.8% Fibonacci level would invalidate a wave 4 (purple).
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GBP/USD bullish zigzag tests deep Fib retracement levels
EUR/USD
4 hour
<img src=“https://s16.postimg.org/tbh1iv2r9/22_11_2016eu4.png”>
The EUR/USD downtrend seems to be running out of momentum as price approaches bottoms (green) from the daily chart. A break above the resistance trend line (orange) could start a wave 2 (green) correction.
1 hour
<img src=“https://s21.postimg.org/pj81t0wlz/22_11_2016eu1.png”>
The EUR/USD continues to build a bear flag chart pattern (red/green). A bearish break could see price test the 1.05 support zone. A bullish break above resistance (orange) could indicate the completion of wave 1 (green) and continue with the wave 2 (green) correction.
GBP/USD
4 hour
<img src=“https://s14.postimg.org/llab7vwvl/22_11_2016gu4.png”>
The GBP/USD did not manage to break below the support trend line (green) and in fact showed a bullish bounce. Price then broke above the resistance trend line (dotted red) which makes a wave 2 (blue) retracement likely.
1 hour
<img src=“https://s15.postimg.org/b467o32wb/22_11_2016gu1.png”>
The GBP/USD is most likely building an ABC (orange) zigzag correction within wave 2 (blue). Price could complete the wave 2 at the Fibonacci retracement levels although a break above the 100% level invalidates the current wave count.
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EUR/USD, USD/JPY build multiple chart pattern formations
EUR/USD
4 hour
<img src=“https://s14.postimg.org/5uzkbswu9/23_11_2016eu4.png”>
The EUR/USD downtrend is taking a long pause near major support levels (green) from the daily-weekly charts. A break above the resistance trend line (orange) could start a wave 2 (green) correction whereas a break below the minor support (blue) see a small fall to test the higher time frame support (greens).
1 hour
<img src=“https://s15.postimg.org/7w35ks08r/23_11_2016eu1.png”>
The EUR/USD continues to build a bear flag chart pattern (red/green). A bearish break could see price test the 1.05 support zone. A bullish break above resistance (orange) could indicate the completion of wave 1 (green) and continuation of wave 2 (green) correction.
GBP/USD
4 hour
<img src=“https://s16.postimg.org/706x9akv9/23_11_2016gu4.png”>
The GBP/USD needs to break below the support trend line (green) before the wave 2 (blue) is completed. At the moment an extended wave 2 (blue) could occur via a WXY (orange) correction.
1 hour
<img src=“https://s14.postimg.org/piy1gesu9/23_11_2016gu1.png”>
The GBP/USD completed an ABC (grey) zigzag at the 61.8% Fibonacci level of wave 2 (blue). Price could complete the wave 2 at Fibonacci retracement levels although a break above the 100% level invalidates the current wave count. If price is not building an expanded correction (WXY orange), then price will break through the Fibonacci support and trend lines (blue/green).
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US Dollar breaks resistance and continues towards Fibonacci targets
EUR/USD
4 hour
<img src=“https://s18.postimg.org/p31q0leih/24_11_2016eu4.png”>
The EUR/USD broke the support trend line (dotted blue) and is now retesting the major support levels (green) from the daily-weekly charts. A break below these support (blue) levels could indicate a downtrend continuation, whereas a break above the resistance trend line (orange) could start a wave 2 (green) correction.
1 hour
<img src=“https://s21.postimg.org/hytbt9myf/24_11_2016eu1.png”>
The EUR/USD bearish break and momentum is approaching support levels (green), which could potentially complete waves 5.
GBP/USD
4 hour
<img src=“https://s12.postimg.org/kkq56fn3h/24_11_2016gu4.png”>
The GBP/USD needs to break below the support trend line (green) before the wave 2 (blue) is completed. At the moment an extended wave 2 (blue) could occur via a WXY (orange) correction.
1 hour
<img src=“https://s17.postimg.org/z8w31jsm7/24_11_2016gu1.png”>
The GBP/USD completed an ABC (grey) zigzag within a wave X (orange). Price could complete the wave 2 (blue) at one of the Fibonacci retracement levels although a break above the 100% level invalidates the current wave count. If price is not building an expanded correction (WXY orange), then price will break through the support trend line (green).
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EUR/USD reaches break or bounce spot at 1.05 support
EUR/USD
4 hour
<img src=“https://s15.postimg.org/m3hv09hkb/25_11_2016eu4.png”>
The EUR/USD is testing major support (green) from the daily-weekly charts but seems unable to break below these levels for the moment. If a break does occur below support (blue) then this indicate a downtrend continuation. A bullish bounce at the support zone and a break above the resistance trend line (orange) could start a wave 2 (green) correction.
1 hour
<img src=“https://s22.postimg.org/tknhfdhfl/25_11_2016eu1.png”>
The EUR/USD seems to be starting an ABC (purple) correction but this wave structure would become invalidated if price breaks below the green lines.
GBP/USD
4 hour
<img src=“https://s11.postimg.org/k60a810tv/25_11_2016gu4.png”>
The GBP/USD needs to break below the support trend line (green) before the wave 2 (blue) is completed. At the moment an extended wave 2 (blue) could occur via a WXY (orange) correction but a break above the 100% Fibonacci level invalidates the wave 2 (blue).
1 hour
<img src=“https://s18.postimg.org/uqxwxao89/25_11_2016gu1.png”>
The GBP/USD is moving sideways and building an extended correction as expected. The most likely wave count suggests that price is building an ABC (grey) zigzag.
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USD bullish momentum loses control and corrects with ABC zigzag
EUR/USD
4 hour
<img src=“https://s18.postimg.org/qhrjc4y5l/28_11_2016eu4.png”>
The EUR/USD finally showed a bullish bounce at the support zone and a break above the resistance trend line (orange), which is probably starting a wave 2 (green) correction. Price has reached the 23.6% Fibonacci level but typically retraces deeper in a bearish wave 2 without breaking above the 100% Fibonacci level (invalidation).
1 hour
<img src=“https://s18.postimg.org/s8s93imdl/28_11_2016eu1.png”>
The EUR/USD seems to be indeed in an ABC (purple) zigzag, which is most likely part of a larger WXY (brown) correction. At the moment a wave 4 (blue) and 5 could still take place within the zigzag.
GBP/USD
4 hour
<img src=“https://s14.postimg.org/6vb1seawh/28_11_2016gu4.png”>
The GBP/USD needs to break below the support trend line (green) before the wave 2 (blue) is completed. At the moment an extended wave 2 (blue) could occur via a WXY (orange) correction but a break above the 100% Fibonacci level invalidates the wave 2 (blue).
1 hour
<img src=“https://s13.postimg.org/mw8eyoa6f/28_11_2016gu1.png”>
The GBP/USD has reached the 61.8% Fibonacci resistance level of wave 2 (blue). In the case that this indicates the completion of the WXY (orange) correction of wave 2 (blue), then a bearish wave 1 (orange) should start and price will eventually break support (green). In case the resistance trend line (red) breaks, price could retest deeper Fib levels of wave 2 (blue).
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USD/JPY builds bull flag pattern within strong rally
EUR/USD
4 hour
<img src=“https://s11.postimg.org/kixdaefur/29_11_2016eu4.png”>
The EUR/USD made a bullish bounce at the support zone (green lines) but the rebound stopped at the 23.6% Fibonacci level. If price is indeed in a wave 2 (green) correction then I would expect price to expand the correction via a WXY (brown). A break below the support zone indicates the invalidation of a larger correction.
1 hour
<img src=“https://s14.postimg.org/5nrrid741/29_11_2016eu1.png”>
The EUR/USD seems to have completed two ABC (purple) zigzags within a larger WXY (brown) correction.
GBP/USD
4 hour
<img src=“https://s15.postimg.org/lewkh7liz/29_11_2016gu4.png”>
The GBP/USD turned at the 61.8% Fibonacci level of wave 2 (blue). The Cable needs to break below the support trend line (green) to confirm a downtrend continuation of a wave 1 (orange) within wave 3 (blue).
1 hour
<img src=“https://s13.postimg.org/8m72v6aiv/29_11_2016gu1.png”>
The GBP/USD bearish waves (grey) indeed broke below support (dotted green). A break below the next support (blue) could confirm the wave 5 (grey) of wave 1 (orange).
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