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

October 23, 2017 12:30

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.

EUR/USD

The EUR/USD is testing the support trendline (blue). A bearish candle makes a bullish ABC (purple) unlikely and a bearish ABC (grey) within a larger wave 4 (light purple) more probable.

Daily chart:

The EUR/USD correction could be part of a wave 4 (purple) within a larger wave A (red).

Weekly chart:

The EUR/USD bullish momentum could be part of a wave A (red). The strong bullish momentum seems to indicate that the bearish wave 5 (purple) of wave C (red) is most likely completed.

Monthly chart:

GBP/USD

The GBP/USD is showing a bullish daily pinbar at the support trend line (blue). A break below the trend line could indicate a continuation of the bearish momentum whereas a failure to break the candle low could indicate a bullish wave C (orange).

Daily chart:

The GBP/USD needs to break below support (blue) for a larger downside becomes more likely.

Weekly chart:

The GBP/USD is testing a larger support trend line (blue). A bearish breakout could indicate the continuation of the wave C (purple).

Monthly chart:

USD/JPY

The USD/JPY bullish momentum is either part of a wave A or wave 1 (purple). In both cases a bearish retracement (wave 2/B) could take place before a 3rd bullish wave occurs.

Daily chart:

The USD/JPY is in a larger triangle chart pattern with support (blue) and resistance (brown/red) nearby. The wave B (red) seems to be completed at the most recent bottom.

Weekly chart:

The USD/JPY is looking for a breakout of the triangle pattern.

Monthly chart:

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