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Weekly Wave Analysis EUR/USD, GBP/USD, USD/JPY 8 October 2018

October 08, 2018 09:33

Below you will find this week's wave analysis for the EUR/USD currency pair, the GBP/USD currency pair and the USD/JPY currency pair using the daily, weekly and monthly charts.

EUR/USD

The EUR/USD currency pair has either completed a wave B (purple) at the recent high, or the price will still expand the bullish correction via the WXY (pink) within wave B (purple). The main support level to something to keep an eye on, because of the current 1.15 round level and the 78.6% Fibonacci level around 1.1410. A bullish break above the 1.1550 with intra-day trading could already indicate a potential bullish bounce.

Daily chart:

EURUSD Daily Analysis - Weekly Wave Analysis

Source: Admiral Markets MT5 with MT5SE Add-on EUR/USD motive wave – Accessed 7 October 2018 at 5:00 PM GMT

The EUR/USD currency pair is expecting a bearish ABC (purple) correction within wave B (red). The price is most likely retracing to the Fibonacci levels of wave B (purple).

Weekly chart:

EURUSD Weekly Analysis - Weekly Wave Analysis

Source: Admiral Markets MT5 with MT5SE Add-on EUR/USD motive wave – Accessed 7 October 2018 at 5:00 PM GMT

The EUR/USD currency pair has completed wave A (red) and the price is now probably in a wave B (red), unless the price breaks below the bottom of wave A.

Monthly chart:

EURUSD Monthly Analysis - Weekly Wave Analysis

Source: Admiral Markets MT5 with MT5SE Add-on EUR/USD motive wave – Accessed 7 October 2018 at 5:00 PM GMT

GBP/USD

The GBP/USD currency pair made a bullish bounce at the support trend line (blue). A break below that support trend line could indicate a bearish breakout and trend continuation towards the Fibonacci targets of wave 5 (pink). A break above the previous top could indicate an expanded wave 4 (pink).

Daily chart:

GBPUSD Daily Analysis - Weekly Wave Analysis

Source: Admiral Markets MT5 with MT5SE Add-on GBP/USD motive wave – Accessed 7 October 2018 at 5:00 PM GMT

The GBP/USD currency pair has probably started the bearish wave 5 after the price has completed a wave 4 (light purple) correction.

Weekly chart:

GBPUSD Weekly Analysis - Weekly Wave Analysis

Source: Admiral Markets MT5 with MT5SE Add-on GBP/USD motive wave – accessed 7 October 2018 at 5:00 PM GMT

The GBP/USD currency pair is probably moving lower as part of the wave 5 (purple), whereas a bullish break above the resistance (orange) trend line indicates that a different wave pattern is valid.

Monthly chart:

Source: Admiral Markets MT5 with MT5SE Add-on GBP/USD motive wave – Accessed 7 October 2018 at 5:00 PM GMT

USD/JPY

The USD/JPY currency pair seems to be building a WXY (pink) correction within wave D (purple).

Daily chart:

USDJPY Daily Analysis - Weekly Wave Analysis

Source: Admiral Markets MT5 with MT5SE Add-on USD/JPY motive wave – Accessed 7 October 2018 at 5:00 PM GMT

The USD/JPY currency pair broke above the resistance trend lines (dotted red), which is either the start of a bullish trend or still part of the larger ABCDE triangle (light purple) within wave B (red).

Weekly chart:

USDJPY Weekly Analysis - Weekly Wave Analysis

Source: Admiral Markets MT5 with MT5SE Add-on USD/JPY motive wave – Accessed 7 October 2018 at 5:00 PM GMT

The USD/JPY currency pair is probably still in the wave D (light purple) of the triangle pattern, unless it breaks above the 78.6-100% Fibonacci resistance zone. Whether the price will bounce or break will depend on the upcoming candlestick patterns.

Monthly chart:

USDJPY Monthly Analysis - Weekly Wave Analysis

Source: Admiral Markets MT5 with MT5SE Add-on USD/JPY motive wave – Accessed 7 October 2018 at 5:00 PM GMT

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.

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