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​​Weekly Wave Analysis EUR/USD, GBP/USD, USD/JPY 29 January 2018

January 29, 2018 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. https://admiralmarkets.com/analytics/

EUR/USD

The EUR/USD bullish momentum reached the round level of 1.25 last week. Since hitting that key level, price has been building a bearish retracement which could be part of wave 4 (purple). A break below the 50% Fib makes a wave 4 less likely.

Daily chart:

The EUR/USD bullish breakout seems to be confirming the development of a wave 5 (light purple) within a larger wave A (red).

Weekly chart:

The EUR/USD bullish momentum is most likely building a 5th wave (purple) within a wave A (red), which is part of a larger bullish ABC (red).

Monthly chart:

GBP/USD

The GBP/USD bullish momentum is showing lots of strength but price is struggling to continue above 1.43. A bearish retracement seems to be taking place on lower time frames, which also could be a wave 4 correction with the larger uptrend. An uptrend continuation would find a strong resistance zone (red) nearby.

Daily chart:

The GBP/USD needs to break below the support (green) of the bullish channel before a larger downside becomes more likely. A break above the resistance trend line (red) and bottom of wave 1 (light purple) invalidates the wave 4 pattern (light purple). The alternative is that price has completed an ABC (light purple) and price is in a long-term uptrend.

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 is testing the previous support zone (green) at the moment. A bullish bounce could confirm the potential wave 2/B (purple) whereas a break below the bottom of wave B (red) invalidates this wave structure.

Daily chart:

The USD/JPY is in a wedge chart pattern with support (blue/green) and resistance (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 clear.

Weekly chart:

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

Monthly chart:

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