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​​Weekly Wave Analysis EUR/USD, GBP/USD, USD/JPY 9 October 2017

October 09, 2017 04:00

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.


The EUR/USD is testing the Fibonacci levels of wave 4 (blue). A break below the 23.6% Fib could see price test to the 38.2% level whereas a bullish bounce could see price challenge the resistance (orange) trend lines.

Daily chart:

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

Weekly chart:

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

Monthly chart:


The USD/JPY bullish momentum is either part of a wave A (dark green) or wave 1 (light green). In both cases a bearish retracement (wave 2/B) could take place before a 3rd bullish wave occurs.

Daily chart:

The USD/JPY is in a larger triangle chart pattern with support (blue) and resistance (brown/red) nearby. The wave B (red) could (soon) be completed from a Fibonacci time perspective as well.

Weekly chart:

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

Monthly chart:


The GBP/USD broke below the support trend line (dotted blue), which invalidates last week's wave 4 structure and indicates a bearish momentum. This could be either part of a wave 3 or wave C (green).

Daily chart:

The GBP/USD broke above the resistance trend line (dotted brown) but was not able to break above the 61.8% Fib and the bottom of wave 1 (orange line). For the moment the bearish wave 4 (blue) is still valid.

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:

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