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Weekly Wave Analysis EUR/USD, GBP/USD, USD/JPY 4 June 2018

June 04, 2018 12:22

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 broke above the resistance trend line (dotted orange) which could indicate a larger bullish retracement either within wave X as shown in the image or a potential wave 4. The bullish pullback could find resistance at the Fibonacci levels.

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). Price was close to the 50% Fibonacci level, which could be considered a bounce.

Weekly chart:

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

Monthly chart:

GBP/USD

The GBP/USD downtrend broke above the resistance trend line (dotted red) and is continuing lower towards the Fibonacci targets of wave 5 (purple).

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 bullish WXY correction (pink) within 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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