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Weekly Wave Analysis EUR/USD, GBP/USD, USDJPY 19 June 2017

June 19, 2017 05:30

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. http://www.admiralmarkets.com/

EUR/USD

The EUR/USD invalidates the wave 2 (green) if it manages to break the 100% Fibonacci at 1.13. At the moment a new downtrend could be active via the wave 1-2 (brown). A break below support (dark blue) would confirm the potential bearish reversal.

Daily chart:

The EUR/USD bearish breakout below the support trend lines would confirm a wave 3 (green) within a wave 5 (blue) but a bullish breakout above 1.13 changes the wave structure.

Weekly chart:

The EUR/USD is potentially building a larger correction between support (green/blue) and resistance (red).

Monthly chart:

GBP/USD

The GBP/USD is probably building a wave 1-2 (blue) within wave 3 (red) unless price manages to break the 100% Fibonacci level of wave 2 (blue).

Daily chart:

The GBP/USD weekly chart is showing a sideways consolidation within a larger downtrend. Price is most likely building a bullish retracement to the resistance levels (red/orange) but a break above those resistance levels would change the wave structure.

Weekly chart:

The GBP/USD has been in a downtrend as part of an ABC bearish zigzag (green), which could be completed if price manages to break the resistance on the weekly chart.

Monthly chart:

USD/JPY

The USD/JPY broke above the resistance trend line (dotted red) and is now probably continuing with its ABC zigzag towards the Fib targets of wave C (brown).

Daily chart:

The USD/JPY is retracing back to the Fib levels of wave B (green) via a WXY (blue).

Weekly chart:

The USD/JPY is building a triangle correction (red/green lines) or correcting towards the Fibonacci levels of wave B (green).

Monthly chart:

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