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Weekly Wave Analysis EUR/USD, GBP/USD, USD/JPY 2 September 2018

September 03, 2018 08:17

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:

EUR/USD Daily Wave AnalysisSource: Admiral Markets MT5 with MT5SE Add-on EUR/USD motive wave

The EUR/USD seems to be building a bearish ABC (purple) correction within wave B (red).

Weekly chart:

EUR/USD Weekly Wave AnalysisSource: Admiral Markets MT5 with MT5SE Add-on EUR/USD motive wave

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:

EUR/USD Monthly Wave AnalysisSource: Admiral Markets MT5 with MT5SE Add-on EUR/USD motive wave

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:

GBP/USD Daily Wave AnalysisSource: Admiral Markets MT5 with MT5SE Add-on GBP/USD motive wave

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

Weekly chart:

GBP/USD Weekly Wave AnalysisSource: Admiral Markets MT5 with MT5SE Add-on GBP/USD motive wave

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:

GBP/USD Monthly Wave AnalysisSource: Admiral Markets MT5 with MT5SE Add-on GBP/USD motive wave

USD/JPY

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:

USD/JPY Daily Wave AnalysisSource: Admiral Markets MT5 with MT5SE Add-on USD/JPY motive wave

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

Weekly chart:

USD/JPY Weekly Wave AnalysisSource: Admiral Markets MT5 with MT5SE Add-on USD/JPY motive wave

The USD/JPY is in the wave E (light purple) of the triangle pattern.

Monthly chart:

USD/JPY Monthly Wave AnalysisSource: Admiral Markets MT5 with MT5SE Add-on USD/JPY motive wave

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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