Admiral Markets Group consists of the following firms:

Admiral Markets UK Ltd

Regulated by the Financial Conduct Authority (FCA)
  • Leverage up to:
    1:30 for retail clients,
    1:500 for professional clients
  • FSCS protection
  • Negative balance protection
CONTINUE

Admiral Markets AS

Regulated by the Estonian Financial Supervision Authority (EFSA)
  • Leverage up to:
    1:30 for retail clients,
    1:500 for professional clients
  • Tagatisfond protection
  • Negative balance protection
CONTINUE

Admiral Markets Cyprus Ltd

Regulated by the Cyprus Securities and Exchange Commission (CySEC)
  • Leverage up to:
    1:30 for retail clients,
    1:500 for professional clients
  • ICF protection
  • Negative balance protection
CONTINUE

Admiral Markets Pty Ltd

Regulated by the Australian Securities and Investments Commission (ASIC)
  • Leverage up to:
    1:500 for retail clients
  • Volatility protection
CONTINUE
Note: If you close this window without choosing a firm, you agree to proceed under the FCA (UK) regulation.
Note: If you close this window without choosing a firm, you agree to proceed under the FCA (UK) regulation.
Regulator fca efsa CySEC asic

​​Weekly Wave Analysis EUR/USD, GBP/USD, USD/JPY 23 July 2017

July 23, 2017 16:00

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 did indeed break above the 1.15, retrace to and bounce at the same broken resistance of 1.15 and then continued towards the Fibonacci targets of wave 3 and wave 5. The uptrend is showing strong bullish momentum which seems to confirm the development of an impulsive wave 3 (green).

Daily chart:

The EUR/USD broke above the resistance trend line (dotted red) as part of the wave 3 (blue) continuation towards the 261.8% Fibonacci target of wave 3 (blue).

Weekly chart:

The EUR/USD bullish momentum is indicating a potential bullish 5 waves (see blue 123 weekly chart) within a larger ABC (brown) correction. The strong bullish momentum seems to indicate that the bearish wave 5 (blue) of wave C (brown) of wave X (black) is most likely completed.

Monthly chart:

GBP/USD

The GBP/USD is trying to move with the same bullish momentum as the EUR/USD but price is struggling to stay above the 1.30 round level. The wave 1-2 (blue-green) is possible but remains fragile as the GBP/USD downtrend is still intact on the weekly and monthly charts. A bearish correction could see the development of a wave Y (orange).

Daily chart:

The GBP/USD major trend line (orange) is bearish but price is showing a higher high and higher low, which might be the start of a bullish reversal.

Weekly chart:

The GBP/USD bullish momentum is either a reversal or a correction within the larger downtrend. For the moment, this wave structure prefers the completion of wave C (green) at the most recent bottom. A bearish trend continuation could indicate that a wave 123 is valid rather than an ABC (green).

Monthly chart:

USD/JPY

The USD/JPY bearish momentum keeps pushing lower and lower and seems on its way to the round level of 110 and the support trend line (green).

Daily chart:

The USD/JPY is retracing lower via a WXY (blue) correction to the Fib levels of wave B (green) or the support trend line (green). A break above the resistance trend line (red) could change the market structure and indicate a bullish trend.

Weekly chart:

The USD/JPY is most likely in a wave B (green) correction at the moment. A retest of the lower Fibs like the 61.8% Fib would confirm this wave structure whereas break above resistance (red) would invalidate it and make a bullish variant more suitable.

Monthly chart:

Follow @ChrisSvorcik on twitter for latest market updates.
Connect with Chris Svorcik on Facebook for latest market updates.

Download MT4 Supreme Edition


Risk Warning

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 83% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.