GBP/USD Breaks All Resistance Levels with Wave-3 Momentum

Rujan 13, 2017 06:00

GBP/USD

4 hour

The GBP/USD has broken above the resistance trend line (dotted orange) and previous top and is confirming its bullish momentum within waves 3 (purple and blue). A continuation of the bullish momentum seems likely even if a larger correction takes place, because that could be the wave 4 (purple) pullback.

1 hour

The GBP/USD is extending the bullish momentum higher and seems to be finishing waves 5 within wave 3 (purple). Eventually price could start a larger wave 4 (purple) pullback.

EUR/USD

4 hour

The EUR/USD could have completed the wave C (red) of wave 4 (blue) at the support trend line (blue) and 61.8% Fibonacci level of wave C vs A. This could be a potential bouncing spot for a continuation of wave 5 but wave C could extend lower if price breaks below the support line.

1 hour

The EUR/USD seems to have completed 5 bearish waves and has broken above the resistance trend line (dotted red) which could indicate a potential bullish breakout via a wave 1-2 (purple).

USD/JPY

4 hour

The USD/JPY bullish momentum has reached a strong resistance trend line (brown). A bearish bounce could happen here as price completes perhaps a wave 1 (brown).

1 hour

The USD/JPY is showing strong bullish momentum and seems to have built 5 waves (blue). Within wave 5 there seems to be an extension with another 5 waves (purple).

Follow @ChrisSvorcik on twitter for latest market updates.
Connect with Chris Svorcik on Facebook for latest Forex and education tips.

Forex101 Forex Trading Course