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U.S. Dollar Close To Completing Wave 2 Correction

Published 11/08/2016, 18:09
EUR/USD
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GBP/USD
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USD/JPY
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EUR/USD

4 hour
EUR/USD 4H Chart

1 hour

EUR/USD 1H Chart

The EUR/USD seems to be losing momentum at the Fibonacci resistance and has broken the steeply angled support trend line (green dotted). Price needs to break below the support trend line (green) before the completion of a wave 2 (purple) can be confirmed.

GBP/USD

4 hour
GBP/USD 4H Chart

The GBP/USD remains in a downtrend with resistance indicated by the Fibonacci retracements of wave 2 (purple) and with targets indicated by the Fibonacci levels of wave 5 (blue).

1 hour

GBP/USD 1H Chart

The GBP/USD completed the expected bullish ABC (green) zigzag. It could now be at a bullish bounce or bearish break spot. A bullish rally would enlarge the correction with a WXY (green). A break below the Fibonacci levels of wave X (green) could spark a wave 3 bearish momentum (pink).

USD/JPY

4 hour

USD/JPY 4H Chart

1 hour
USD/JPY 1H Chart

The USD/JPY seems to be respecting the 78.6% Fibonacci level of wave 2 (green) and has broken the resistance trend line (dotted red).

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