US Dollar triangle consolidation after bullish breakout 2016.10.24

EUR/USD

4 hour

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

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

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

The GBP/USD is in a wedge and has support (green) and resistance (red) trend lines nearby which offer bounce and break spots.

USD/JPY

4 hour

The USD/JPY is building a sideways zone in front of the daily top (brown) and will need to break above the previous wave 1 (purple) before a larger uptrend (wave 3 purple) can start.

1 hour

The USD/JPY seems to have completed 5 waves (green) as expected and price has in the meantime made a pullback towards the 61.8% Fibonacci support level. A breakout above resistance (red) could start the wave 3 (brown).

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