Weekly Wave Analysis EUR/USD, GBP/USD, USD/JPY 28 May 2018
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 is showing a falling wedge reversal chart pattern which could indicate the end of wave 5 (purple) and the start of a bullish retracement. A break above the resistance trend line could indicate a larger retracement, probably within wave 4 (pink). A break below the support trend line however could indicate a continuation of the downtrend towards the next round level at 1.15.
Daily chart:
The EUR/USD seems to have completed the 5th (purple) wave within wave A (red) and price is now building a bearish ABC (purple) correction within wave B (red).
Weekly chart:
The EUR/USD has probably completed wave A (red) and price is now retracing back to the Fibonacci levels of wave B (red).
Monthly chart:
GBP/USD
The GBP/USD downtrend broke below the support trend line (dotted green) and is continuing lower towards the Fibonacci targets of wave 5 (purple). The next target is at 1.3250.
Daily chart:
The GBP/USD has probably started the bearish wave 5 after price has completed a wave 4 (light purple) correction.
Weekly chart:
The GBP/USD bearish breakout could see the continuation of the wave 5 (purple) whereas a bullish break above resistance (red) could indicate that the wave C has been completed at the bottom.
Monthly chart:
USD/JPY
The USD/JPY seems to be building a bearish ABC correction (blue) within wave E or an expanded wave D.
Daily chart:
The USD/JPY could be building an ABCDE triangle (light purple) within wave B (red).
Weekly chart:
The USD/JPY could now rise towards the Fibonacci levels of wave D (light purple).
Monthly chart:
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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.