Weekly Wave Analysis EUR/USD, GBP/USD, USD/JPY 21 August 2017
Weekly Wave Analysis EUR/USD, GBP/USD, USD/JPY 21 August 2017
August 21, 2017 02:00
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. https://admiralmarkets.com/analytics/
EUR/USD
The EUR/USD is building a bull flag continuation chart pattern above the long-term trend lines (blue). A break above the resistance trend lines (red) could see the start of wave 5 (green) of wave 3 (blue).
Daily chart:
The EUR/USD bullish price action is probably part of a wave 3 (blue) momentum.
Weekly chart:
The EUR/USD bullish momentum could be part of a wave A (brown). The strong bullish momentum seems to indicate that the bearish wave 5 (blue) of wave C (brown) is most likely completed.
Monthly chart:
USD/JPY
The USD/JPY has either completed wave B (brown) at the 38.2% Fibonacci level of wave B vs A or price is still expanding the correction. A bullish bounce at the support zone (green) favours a longer wave B (brown) whereas a bearish breakout makes the start of wave C (brown) likely.
Daily chart:
The USD/JPY is testing a support zone (green) in the middle of a larger contracting triangle (red/blue). The correction seems to be part of a larger wave B (green).
Weekly chart:
The USD/JPY is most likely in a wave B (green) correction at the moment. Price could test lower Fibs like the 50%-61.8% Fib or show a break above resistance (red) and start wave C.
Monthly chart:
GBP/USD
The GBP/USD is probably building a wave 1-2 (red) wave structure and could complete a potential head and shoulders chart pattern at the resistance zone (orange).
Daily chart:
The GBP/USD seems to be completing an ABC (brown) correction at the resistance trend lines (brown/red). Price is now approaching a new key support trend line (blue), which is a bounce or break spot.
Weekly chart:
The GBP/USD could be in a wave 4 (purple) if price manages to break below support and stay below the 61.8% Fibonacci level of wave 4 vs 3.
Monthly chart:
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