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​​Weekly Wave Analysis EUR/USD, GBP/USD, USD/JPY 24 September 2017

September 24, 2017 14:00

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 continued with an extended WXY correction as expected in last week's long-term analysis. Price is moving sideways between support (green/blue) and resistance (red/orange). A bullish breakout could indicate the continuation of the uptrend via wave 5 (blue). A bearish breakout could see a larger bearish correction as part of wave 4 (blue).

Daily chart:

The EUR/USD bullish price action is probably part of a wave 3 (blue) momentum. Price could be in a potential wave 4 (blue) correction.

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 bullish momentum broke above the horizontal resistance zone (dotted lines). The bullish momentum is either part of a wave A (dark green) or wave 1 (light green). In both cases a bearish retracement 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 (red) nearby.

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 bullish momentum is accelerating strongly, which is most likely part of a wave 3 (blue). The current retracement could be part of a wave 4 (blue) correction and price could use the 23.6% or 38.2% Fibonacci levels as a potential bounce spot.

Daily chart:

The GBP/USD is breaking above the resistance trend line (dotted brown), which makes a wave 4 (purple) less likely. A break above the 61.8% Fib and the bottom of wave 1 (orange line) invalidates the wave 4 and makes a bullish structure more likely.

Weekly chart:

The GBP/USD is showing a potential bullish breakout.

Monthly chart:

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