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Weekly Wave Analysis EUR/USD, GBP/USD, USD/JPY 5 March 2018

March 05, 2018 07:06

Meta description: A break below the support trend lines makes a wave 4 less likely whereas a bullish break above 1.25 and the resistance trend line could see price continue higher towards the Fibonacci targets of wave 5.

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's website.

EUR/USD

The EUR/USD bearish retracement has respected the support zone which could confirm the development of a wave 4 (purple). A break below the support trend lines (green/blue) makes a wave 4 less likely whereas a bullish break above 1.25 and the resistance trend line (red) could see price continue higher towards the Fibonacci targets of wave 5 (pink).

Daily chart:

The EUR/USD bullish breakout is building a wave 5 (light purple) within a larger wave A (red). That wave 5 could already be completed if price breaks below the support Fibs on the daily chart. Alternatively wave 5 can extend higher before completing 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 bounced at support trend lines (blue) of wave 4 (green). A bullish break above resistance (red) could indicate one more push higher within C (blue). Wave 5 could turn out to be a truncated wave 5 (double top).

Daily chart:

The GBP/USD is probably in wave 4 (light purple) but a break above the resistance trend line (red) and bottom of wave 1 (light purple) invalidates the wave 4 pattern (light purple). A break below the support levels could indicate a downtrend within wave 5 (light purple).

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 bounced at the broken support and made one more lower low within wave 5 (blue).

Daily chart:

The USD/JPY is expanding the bearish correction of wave Y (light purple) of wave B (red) after breaking below the support zone.

Weekly chart:

The USD/JPY could now fall towards the Fibonacci levels of wave Y (light purple).

Monthly chart:

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