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​​Weekly Wave Analysis EUR/USD, GBP/USD, USD/JPY 27 November 2017

November 27, 2017 05:30

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 made a strong bullish push last week which could indicate that wave 4 (light purple) has been completed. The current bullish momentum however is now approaching a strong resistance zone (red), which could stop price from moving higher. This resistance could therefore create a wave 1-2 (pink) pattern.

Daily chart:

The EUR/USD bullish bounce could have completed the wave 4 (light purple) and started the wave 5 (light purple) within a larger wave A (red).

Weekly chart:

The EUR/USD bullish momentum is most likely building a wave A (red), which is part of a larger ABC (red).

Monthly chart:

GBP/USD

The GBP/USD is still in between the support (blue) and resistance (red) trend lines as price keeps building a larger sideways range. The potential breakout could would provide more information about the intermediate trend: bearish break below support could price fall towards wave 5 (purple) whereas a bullish break above resistance invalidates wave 4 (purple).

Daily chart:

The GBP/USD needs to break below support (blue/green) before a larger downside becomes more likely. A break above the resistance trend line (orange) and bottom of wave 1 (blue) invalidates the wave 4 pattern (blue).

Weekly chart:

The GBP/USD is testing a larger support trend line (blue). A bearish breakout could see the continuation of the wave C (purple) whereas a bullish break above resistance (orange) could indicate that the wave C has been completed at the bottom.

Monthly chart:

USD/JPY

The USD/JPY is building a bearish retracement (wave 2/B) after bouncing at the resistance line (red) of the larger sideways range. Price is now at the 50% Fib level which has caused price to make a bullish retracement but the downtrend could continue once price breaks below the 50% Fib.

Daily chart:

The USD/JPY is in a wedge chart pattern with support (blue) and resistance (brown/red) nearby. The wave B (red) could have been completed at the most recent bottom but price will need to break above support or resistance before the long-term direction becomes clearer.

Weekly chart:

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

Monthly chart:

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