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$GBPUSD still in the channel

GU is approaching the bottom of the channel after a fast break yesterday.  We continue to create higher lows and higher highs so for now the trend is staying intact.  We are at a critical area – the .500 fib retracement and the channel wall- all at 1.5793.  A bounce here targets a move back to the R4 @ 1.5966.  A break here darkest the .382 fib and the support @ 1.5719.  Be careful; of a false breakout

 

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$GBPUSD breaks the wedge

As suggested the GU broke out of the rising wedge to the downside.  Currently bouncing on the .382 retracement and the S3.  Still looking for sellers to come in.  Next target is the .500 fib retracement @ 1.5676 and  then the .618 fib $ .1.5648-29 range .  Should see buyers there.

 

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Rising Wedge GBPUSD

There is a rising wedge on the GU and a break to the south usually is a fast movement - just a heads up

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$GBPUSD Wedge

Gbpusd has taken out the R5 resistance at 1.5862 and now is moving back inside the rising wedge.  This wedge pattern is bearish for the cross and since it is a squaring day look for that movement to have some legs.  A break of the wedge to the downside targets the 1.5705 ( .618 fib retracement) level.  It could of course bounce in the .382 and head back up.  A break of the R5 again should stop at the 1.5900 psychological  number.

 

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$AUDUSD heading south?

Looking to break out of the flag to the downside.  Currently bouncing off the bottom and sitting at 9864.  Look for sellers to come in at .9877 ( S2).  Initial target is the the .382 fib retracement @ .9806 then the .500 fib $ .9756 .  Aussie could make the S4 at .9733 today.  A break above the 9877 targets a double top @ .9969.

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$GBPUSD Approaching a critical area

A little more to go in this move and we will be at the top of the trendline.  Currently the cross has broken through the .500 fib retracement @ 1.5785 and showing little signs of a pullback here.  The .618 fib is also at the trendline @ 1.5856 so expect some pullback there. A break of the former trendline to the upside targets the .786 fib retracement @ 1.5957.  A reversal here targets a move back to the 382 fib @ 1.5714.

 

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$AUDUSD target still in view

A little more to go in this move to the .270 and the 2.618 fib extensions.  Currently the cross has broken through resistance @ 0.9941 and showing little signs of a pullback here.  The break of the former top indicates yet another move towards 1.0000 which is within 50 pips.  May see some consolidation at that  number before moving to the target.

 

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$EURUSD target still down short term

A little more to go in this correction to complete an ABC.  Currently sitting on the 0.382 fib retracement but looking for a move to the .500 fib retracement (1.3201) in the short term.  Major consolidation in that area should hold it for a bounce back to the top @ 1.3423 and then a continuation to the 270 fib extension @ a.3543.

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