Please find here below this week's wave analysis on the EUR/USD, GBP/USD and USD/JPY daily, weekly and monthly charts. More education, analytics, articles, and webinars can be found daily at Admiral Markets.
The EUR/USD bounced at the support trend line (blue) which either means that price has completed a truncated wave 5 (pink) within wave A (purple) or that wave 4 (pink) is building an expansion.
The EUR/USD seems to be building a bearish ABC (purple) correction within wave B (red). The 50% Fibonacci level could be a key support zone.
The EUR/USD has probably completed wave A (red) and price is now most likely retracing to the Fibonacci levels of wave B (red).
The GBP/USD could now have completed a wave 5 (purple) of a potential wave 1 (pink).
The GBP/USD has probably started the bearish wave 5 after price has completed a wave 4 (light purple) correction.
The GBP/USD bearish breakout could see the continuation of the wave 5 (purple) whereas a bullish break above resistance (red) could indicate that the wave C has been completed at the bottom.
The USD/JPY is testing the support trend lines (blue) and a bearish breakout could see price fall towards the next trend line (green) and Fibonacci levels.
The USD/JPY could be building an ABCDE triangle (light purple) within wave B (red – see monthly chart).
The USD/JPY is in the wave D (light purple) of the triangle pattern.
This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.