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Weekly Wave Analysis EUR/USD, GBP/USD, USD/JPY 20 August 2018

August 20, 2018 11:35

Dear traders,

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 is building a potential bullish pullback after a strong bearish breakout. The price could be in a wave 3 (purple), as long as the price does not make a very deep pullback that goes above the resistance zone at 1.15-1.1525.

Daily chart:

EURUSD Currency PairSource: 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:

EURUSD Currency PairSource: 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:

EURUSD Currency Pair Source: Admiral Markets MT5 with MT5SE Add-on EUR/USD motive wave

GBP/USD

The GBP/USD bearish momentum is strong and seems to be building a wave 3 (purple).

Daily chart:

GBPUSD Currency PairSource: 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:

GBPUSD Currency PairSource: 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 resistance (red) indicates that a different wave pattern is valid.

Monthly chart:

GBPUSD Currency PairSource: Admiral Markets MT5 with MT5SE Add-on GBP/USD motive wave

USD/JPY

The USD/JPY broke below the support trend line (dotted blue) which is probably part of a bearish WXY (pink) within the final leg wave E (light purple) of the triangle pattern.

Daily chart:

USDJPY Currency PairSource: 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:

USDJPYSource: 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:

Source: Admiral Markets MT5 with MT5SE Add-on USD/JPY motive wave

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