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Weekly Wave Analysis EUR/USD, GBP/USD, USD/JPY 23 July 2018

July 23, 2018 08:49

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 showed a strong bullish reversal at the support zone (blue) of the triangle pattern and sideways consolidation zone (blue).

Daily chart:

Source: 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:

Source: Admiral Markets MT5 with MT5SE Add-on EUR/USD Motive Wave

The EUR/USD has probably completed wave A (red) and price is now most likely retracing to the Fibonacci levels of wave B (red).

Monthly chart:

Source: Admiral Markets MT5 with MT5SE Add-on EUR/USD Motive Wave

GBP/USD

The GBP/USD remains in a downtrend channel but the strong bullish reversal at the channel support suggests a larger bullish correction.

Daily chart:

Source: Admiral Markets MT5 with MT5SE Add-on GBP/USD Motive Wave

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

Weekly chart:

Source: Admiral Markets MT5 with MT5SE Add-on GBP/USD Motive Wave

The GBP/USD bearish breakout could see the continuation of the wave 5 (purple) whereas a bullish break above resistance (red) could indicate that a wave C has been completed at the bottom.

Monthly chart:

Source: Admiral Markets MT5 with MT5SE Add-on GBP/USD Motive Wave

USD/JPY

The USD/JPY seems to have completed a WXY (pink) pattern within wave D (light purple) and could be building a new ABC pattern within wave E.

Daily chart:

Source: 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:

Source: Admiral Markets MT5 with MT5SE Add-on USD/JPY Motive Wave

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

Monthly chart:

Source: 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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