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Weekly Wave Analysis EUR/USD, GBP/USD, USD/JPY 15 October 2018

October 15, 2018 10:04

Please find here below this week's wave analysis on the EUR/USD currency pair, GBP/USD currency pair and USD/JPY currency pair using the daily, weekly and monthly charts.

EUR/USD

The EUR/USD currency pair completed a wave A (purple) within a wave X (pink) at the 1.14 support zone, and is now probably within a wave B (purple).

Daily chart:

Weekly Wave Analysis - Daily Chart - EURUSD

Source: Admiral Markets MT5 with MT5SE Add-on EUR/USD motive wave – accessed 14 October 2018 at 5:00 PM GMT

The EUR/USD currency pair is expecting a bearish ABC (purple) correction within wave B (red). The price is most likely retracing to the Fibonacci levels of wave B (purple).

Weekly chart:

Weekly Wave Analysis - Weekly Chart - EURUSD

Source: Admiral Markets MT5 with MT5SE Add-on EUR/USD motive wave – Accessed 14 October 2018 at 5:00 PM GMT

The EUR/USD currency pair has completed wave A (red) and the price is now probably in a wave B (red), unless the price breaks below the bottom of wave A.

Monthly chart:

Weekly Wave Analysis - Monthly Chart - EURUSD

Source: Admiral Markets MT5 with MT5SE Add-on EUR/USD motive wave – Accessed 14 October 2018 at 5:00 PM GMT

GBP/USD

The GBP/USD currency pair made a bearish bounce at the resistance trend line (red), which could be part of a wave 2 (purple) correction. A bullish break however could indicate a bullish WXY (red) correction.

Daily chart:

Weekly Wave Analysis - Daily Chart - GBPUSD

Source: Admiral Markets MT5 with MT5SE Add-on GBP/USD motive wave – Accessed 14 October 2018 at 5:00 PM GMT

The GBP/USD currency pair has probably started the bearish wave 5, after the price has completed a wave 4 (light purple) correction.

Weekly chart:

Weekly Wave Analysis - Weekly Chart - GBPUSD

Source: Admiral Markets MT5 with MT5SE Add-on GBP/USD motive wave – Accessed 14 October 2018 at 5:00 PM GMT

The GBP/USD currency pair is probably moving lower as part of the wave 5 (purple), whereas a bullish break above the resistance (orange) trend line indicates that a different wave pattern is valid.

Monthly chart:

Weekly Wave Analysis - Monthly Chart - GBPUSD

Source: Admiral Markets MT5 with MT5SE Add-on GBP/USD motive wave – Accessed 14 October 2018 at 5:00 PM GMT

USD/JPY

The USD/JPY currency pair appears to be building a WXY (pink) correction within wave D (purple).

Daily chart:

Weekly Wave Analysis - Daily Chart - USDJPY

Source: Admiral Markets MT5 with MT5SE Add-on USD/JPY motive wave – Accessed 14 October 2018 at 5:00 PM GMT

The USD/JPY currency pair is building a larger ABCDE triangle (light purple) within wave B (red), unless the price manages to break above the 100% Fibonacci level.

Weekly chart:

Weekly Wave Analysis - Weekly Chart - USDJPY

Source: Admiral Markets MT5 with MT5SE Add-on USD/JPY motive wave – Accessed 14 October 2018 at 5:00 PM GMT

The USD/JPY currency pair is probably still in the wave D (light purple) of the triangle pattern, unless it breaks above the 78.6-100% Fibonacci resistance zone. Whether the price will bounce or break will depend on the upcoming candlestick patterns.

Monthly chart:

Weekly Wave Analysis - Monthly Chart - USDJPY

Source: Admiral Markets MT5 with MT5SE Add-on USD/JPY motive wave – Accessed 14 October 2018 at 5:00 PM GMT

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