EUR/USD
4 hour
The EUR/USD has bounced at the support trend line (green) but the rebound has been relatively slow which has created a triangle. A break above resistance (red) or below support (green) could trigger more momentum.
1 hour
The EUR/USD completed an ABC rally (purple) after breaking above resistance (orange). After that it made a deep pullback which probably belongs to a bigger bullish correction like a wave X retracement (purple).
GBP/USD
4 hour
The GBP/USD price action is captured by a neat downtrend channel but it has reached the 61.8% Fibonacci target of wave 5 (orange). A break above resistance (orange) or below support (green) could trigger more momentum.
1 hour
Divergence is still present with the recent break of the bottom (purple).
USD/JPY
4 hour
The USD/JPY had a strong bullish rebound which increases the chance of wave 5 (dark red) failing to break the bottom - especially when one considers the big wick on the bottom of the last week’s weekly candle.
1 hour
A break of the resistance (orange) indicates that a wave (blue) is invalidated. The alternative is a corrective wave pattern or a truncated wave 5 (failure to break the bottom).
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GBP/USD retreats toward 1.2450 on modest USD rebound
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Gold trades in positive territory above $2,380 on Thursday. Although the benchmark 10-year US Treasury bond yield holds steady following upbeat US data, XAU/USD continues to stretch higher on growing fears over a deepening conflict in the Middle East.
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