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​​Weekly Wave Analysis EUR/USD, GBP/USD, USD/JPY 6 November 2017

November 06, 2017 15:00

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 bearish breakout makes a bearish ABC (purple) and a continuation within a larger wave 4 (light purple) the most likely scenario. The next support Fib is the 38.2% Fibonacci level at 1.1470-1.15 support zone.

Daily chart:

The EUR/USD correction could be part of a wave 4 (purple) within a larger wave A (red).

Weekly chart:

The EUR/USD bullish momentum could be part of a wave A (red). The strong bullish momentum seems to indicate that the bearish wave 5 (purple) of wave C (red) is most likely completed.

Monthly chart:

GBP/USD

The GBP/USD is trying to break below the long-term support trend line (blue) but the larger sideways range is still a factor.

Daily chart:

The GBP/USD needs to break below support (blue) for a larger downside becomes more likely.

Weekly chart:

The GBP/USD is testing a larger support trend line (blue). A bearish breakout could indicate the continuation of the wave C (purple).

Monthly chart:

USD/JPY

The USD/JPY bullish momentum is either part of a wave A or wave 1 (purple). In both cases a bearish retracement (wave 2/B) could take place before a 3rd bullish wave occurs. Price has reached the 114.50-115 resistance zone, which could prove difficult to break.

Daily chart:

The USD/JPY is in a larger triangle chart pattern with support (blue) and resistance (brown/red) nearby. The wave B (red) seems to be completed at the most recent bottom.

Weekly chart:

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

Monthly chart:

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