Admiral Markets Group consists of the following firms:

Admiral Markets UK Ltd

Regulated by the Financial Conduct Authority (FCA)
  • Leverage up to:
    1:30 for retail clients,
    1:500 for professional clients
  • FSCS protection
  • Negative balance protection
CONTINUE

Admiral Markets AS

Regulated by the Estonian Financial Supervision Authority (EFSA)
  • Leverage up to:
    1:30 for retail clients,
    1:500 for professional clients
  • Guarantee Fund
  • Negative balance protection
CONTINUE

Admiral Markets Cyprus Ltd

Regulated by the Cyprus Securities and Exchange Commission (CySEC)
  • Leverage up to:
    1:30 for retail clients,
    1:500 for professional clients
  • ICF protection
  • Negative balance protection
CONTINUE

Admiral Markets Pty Ltd

Regulated by the Australian Securities and Investments Commission (ASIC)
  • Leverage up to:
    1:500 for retail clients
  • Volatility protection
CONTINUE
Note: If you close this window without choosing a firm, you agree to proceed under the FCA (UK) regulation.
Note: If you close this window without choosing a firm, you agree to proceed under the FCA (UK) regulation.
Regulator fca efsa CySEC asic

​​Weekly Wave Analysis EUR/USD, GBP/USD, USD/JPY 16 October 2017

October 16, 2017 12:00

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. More education, analytics, articles, and webinars can be found daily on Admiral Markets.

EUR/USD

The EUR/USD is testing the Fibonacci levels of wave 4 (purple). A break below the 23.6% Fib could see price test the 38.2% level whereas a bullish breakout above the resistance trend line (orange) could see price challenge the resistance top.

Daily chart:

The EUR/USD correction could be part of a wave 4 (purple) within a larger wave A (red).

Weekly chart:

The EUR/USD bullish momentum could be part of a wave A (red). The strong bullish momentum seems to indicate that the bearish wave 5 (purple) of wave C (red) is most likely completed.

Monthly chart:

GBP/USD

The GBP/USD could be either part of a wave 3 or wave C (green). A break above the bottom of wave 1 (red line) invalidates the current wave 4 (orange) and makes a scenario with an ABC (green) correction more likely.

Daily chart:

The GBP/USD broke above the resistance trend line (dotted brown) but was not able to break above the 61.8% Fib and the bottom of wave 1 (orange line). For the moment the bearish wave 4 (blue) is still valid.

Weekly chart:

The GBP/USD is testing a larger support trend line (blue). A bearish breakout could indicate the continuation of the wave C (purple).

Monthly chart:

USD/JPY

The USD/JPY bullish momentum is either part of a wave A or wave 1 (purple). In both cases a bearish retracement (wave 2/B) could take place before a 3 rd bullish wave occurs.

Daily chart:

The USD/JPY is in a larger triangle chart pattern with support (blue) and resistance (brown/red) nearby. The wave B (red) seems to be completed at the most recent bottom.

Weekly chart:

The USD/JPY is looking for a breakout of the triangle pattern.

Monthly chart:

Follow @ChrisSvorcik on twitter for latest market updates.
Connect with Chris Svorcik on Facebook for latest market updates.

Download MT4 Supreme Edition


Risk Warning

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 83% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.