GBP/USD builds lengthy triangle but USD/JPY restarts bullish trend

Chris Svorcik Elite CurrenSea

EUR/USD

4 hour

The EUR/USD is in a downtrend and building lower lows and lower highs. At the moment price is building a small sideways consolidation zone. A break below the support (green) could price fall towards 78.6% Fibonacci level of wave d (green), which is part o f a larger daily/weekly triangle (wave d green). If price manages to fall very impulsively then a larger weekly downtrend could be restarting.

1 hour

The EUR/USD is in a wave 4 (green) unless price manages to break above the 61.8% Fibonacci level of wave 4 vs 3. A break below support could see the start of wave 5 (green).

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) but price seems to breaking above the previous wave 1 (purple), which could confirm the start of a larger uptrend (wave 3 purple).

1 hour

The USD/JPY broke above resistance (dotted red) and seems to have started wave 3 (green/brown) unless price breaks below the support trend line (green). Price is expected to build a shallow wave 4 correction once wave 3 (green) has been completed.

Author

Chris Svorcik

Elite CurrenSea

Experience Chris Svorcik has co-founded Elite CurrenSea in 2014 together with Nenad Kerkez, aka Tarantula FX. Chris is a technical analyst, wave analyst, trader, writer, educator, webinar speaker, and seminar speaker of the financial markets.

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