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Weekly Wave Analysis EUR/USD, GBP/USD, USD/JPY 27 August 2018

August 27, 2018 09:02

Hello trader,

Here are this week's wave analyses on the EUR/USD, GBP/USD, and USD/JPY daily, weekly, and monthly charts.

EUR/USD

The EUR/USD bullish reversal near 1.13 seems to confirm the end of a bearish wave 5 (pink) within potential wave A (light purple). The bullish bounce could be part of an ABC or WXY correction of wave B (light purple). The price is expected to complete the bullish leg, then make a bearish correction which is followed by a third move higher.

Daily chart:
EUR/USD Wave AnalysisSource: 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:

EUR/USD Wave AnalysisSource: Admiral Markets MT5 with MT5SE Add-on EUR/USD motive wave

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

Monthly chart:

EUR/USD Wave AnalysisSource: Admiral Markets MT5 with MT5SE Add-on EUR/USD motive wave

GBP/USD

The GBP/USD is at a key zone where a bearish break will confirm a continuation of the bearish trend, but a bullish breakout could see the price challenge a stronger zone of resistance (red/orange).

Daily chart:

GBP/USD Wave AnalysisSource: Admiral Markets MT5 with MT5SE Add-on GBP/USD motive wave

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

Weekly chart:

GBP/USD Wave AnalysisSource: Admiral Markets MT5 with MT5SE Add-on GBP/USD motive wave

The GBP/USD bearish breakout is probably indicating the start of wave 5 (purple) whereas, a bullish break above resistance (red) indicates that a different wave pattern is valid.

Monthly chart:

GBP/USD Wave AnalysisSource: Admiral Markets MT5 with MT5SE Add-on GBP/USD motive wave

USD/JPY

The USD/JPY is testing the Fibonacci retracement levels of wave X (pink) where a bearish bounce is expected to occur as part of a wave X (pink). The next new lower low could complete a larger WXY correction within wave E.

Daily chart:

USD/JPY Wave AnalysisSource: 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:

USD/JPY Wave AnalysisSource: Admiral Markets MT5 with MT5SE Add-on USD/JPY motive wave

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

Monthly chart:

USD/JPY Wave AnalysisSource: 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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