Weekly Wave Analysis EUR/USD, GBP/USD, USD/JPY 10 September 2018
Hello trader,
Please find here below this week's wave analysis on the EUR/USD, GBP/USD and USD/JPY daily, weekly and monthly charts.
EUR/USD
The EUR/USD is testing the support trend line (green), which could be a potential inverted head and shoulders reversal chart pattern if the price bounces at the 50-61.8% Fibonacci retracement zone.
Daily chart:
The EUR/USD is probably building a bearish ABC (purple) correction within wave B (red).
Weekly chart:
The EUR/USD has completed wave A (red) and the price is most likely retracing to the Fibonacci levels of wave B (red).
Monthly chart:
GBP/USD
The GBP/USD is trapped in between critical support (blue) and resistance (orange) trend lines. A bullish breakout invalidates the wave 4 (purple) pattern whereas a bearish breakout could confirm a wave 5 (purple) pattern.
Daily chart:
The GBP/USD has probably started the bearish wave 5 after the price has completed a wave 4 (light purple) correction.
Weekly chart:
The GBP/USD bearish breakout is probably indicating the start of wave 5 (purple) whereas, a bullish break above resistance (red) indicates that a different wave pattern is valid.
Monthly chart:
Although the USD/JPY made a bearish bounce at the Fibonacci retracement levels of wave X (pink), the price will need to break below the support trend line (blue) to confirm the wave Y (pink) of wave E (purple) of wave B (red). A bullish breakout could indicate an expanded wave X (pink).
Daily chart:
The USD/JPY could be building an ABCDE triangle (light purple) within wave B (red).
Weekly chart:
The USD/JPY is in the wave E (light purple) of the triangle pattern.
Monthly chart:
Source: Admiral Markets MT5 with MT5SE Add-on USD/JPY motive wave – 10 September 2018 at 5:00 AM GMT
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.