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Weekly Wave Analysis EUR/USD, GBP/USD, USD/JPY 17 September 2018

September 17, 2018 13:00

Please find 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 bounced at the previous top, which could indicate that price will make a deeper pullback within wave B (purple) towards the Fibonacci retracement levels. A break above the previous top could indicate a bullish wave C (purple).

Daily chart:

Source: Admiral Markets MT5 with MT5SE Add-on EUR/USD motive wave – 17 September 2018 at 7:00 AM GMT

The EUR/USD is probably building a bearish ABC (purple) correction within wave B (red).

Weekly chart:

Source: Admiral Markets MT5 with MT5SE Add-on EUR/USD motive wave – 17 September 2018 at 7:00 AM GMT

The EUR/USD has completed wave A (red) and price is most likely retracing to the Fibonacci levels of wave B (red).

Monthly chart:

Source: Admiral Markets MT5 with MT5SE Add-on EUR/USD motive wave – 17 September 2018 at 7:00 AM GMT

GBP/USD

The GBP/USD bullish breakout above the resistance trend line (dotted orange) and is expanding the wave 4 (pink) correction.

Daily chart:

Source: Admiral Markets MT5 with MT5SE Add-on GBP/USD motive wave – 17 September 2018 at 7:00 AM GMT

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

Weekly chart:

Source: Admiral Markets MT5 with MT5SE Add-on GBP/USD motive wave – 17 September 2018 at 7:00 AM GMT

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:

Source: Admiral Markets MT5 with MT5SE Add-on GBP/USD motive wave – 17 September 2018 at 7:00 AM GMT

USD/JPY

The USD/JPY is making an ABC (purple) correction within wave X (pink) and is testing key Fibonacci resistance levels.

Daily chart:

Source: Admiral Markets MT5 with MT5SE Add-on USD/JPY motive wave – 17 September 2018 at 7:00 AM GMT

The USD/JPY could be building an ABCDE triangle (light purple) within wave B (red).

Weekly chart:

Source: Admiral Markets MT5 with MT5SE Add-on USD/JPY motive wave – 17 September 2018 at 7:00 AM GMT

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 – 17 September 2018 at 7:00 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.


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