| US Dollar (.DXY) Breaks Technical Support, Heads South
The EUR/USD broke the most recent top again and has closed with yet another higher high. The break of the next resistance line (Red) could indicate the potential continuation.
The EUR/USD completed a 5 wave pattern (Green) Monday which was most likely part of a bigger Bullish ABC (Blue).
GBP/USD The GBP/USD managed to close with a Bullish rally yesterday and price is now half way the wedge (Red and Green trend lines). A break below support could indicate the continuation of the downtrend and the break above resistance could indicate the same for the uptrend.
The ABC (Magenta) is most likely part of a bigger WXY (Orange) unless price manages to break below the Fibo marks of wave X.
USD/JPY The USD/JPY bounced at the 38,2% Fibo mark of wave B (Brown), which could be part of bigger ABC (Brown) formation within wave X (Green).
The USD/JPY looks to have completed 5 waves down (Blue) to complete wave c (Lavender).
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After finding a trading system that works for you, the more cryptic and esoteric fields of study can then be incorporated into your technical and trading toolbox.The bottom line when utilizing any type of analytical method,technical or otherwise, is to hold to the basics, which are methodologies with a proven track record over a long period.
Technical analysis is a method of forecasting price movements by looking at purely market-generated data. Price data from a particular market is most commonly the type of information analyzed by a technical trader.
Stay tuned…
HeffX-LTN
Paul Ebeling
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