Weekly Wave Analysis EUR/USD, GBP/USD, USD/JPY 2 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 made a bearish bounce and reversal near the 38.2% Fibonacci retracement level, which seems to have completed a wave (purple). This could indicate a larger bullish ABC corrective pattern (purple) within wave W (pink).
Daily chart:
The EUR/USD seems to be 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 testing a key resistance zone (red/orange). A bearish bounce and bearish breakout below the support trend line (blue) could indicate a continuation of wave 5, whereas, a bullish breakout could indicate a larger bullish correction.
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 the resistance (red) indicates that a different wave pattern is valid.
Monthly chart:
The USD/JPY made a bearish bounce at the Fibonacci retracement levels of wave X (pink). The next lower low could complete a larger WXY correction within wave E.
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:
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.