Weekly Wave Analysis EUR/USD, GBP/USD, USD/JPY 16 July 2018

Srpanj 16, 2018 12:54

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 showed a strong bullish pinbar candlestick pattern at support, which could confirm the completion of wave X (pink) and the start of a larger wave Y (pink).

Daily chart:

Source: Admiral Markets MT5 with MT5SE Add-on EUR/USD motive wave

The EUR/USD seems to be building a bearish ABC (purple) correction within wave B (red).

Weekly chart:

Source: Admiral Markets MT5 with MT5SE Add-on EUR/USD motive wave

The EUR/USD has probably completed wave A (red) and price is now most likely retracing to the Fibonacci levels of wave B (red).

Monthly chart:

Source: Admiral Markets MT5 with MT5SE Add-on EUR/USD motive wave

GBP/USD

The GBP/USD is showing a bullish pinbar on the daily chart as well, just as the EUR/USD. This could indicate the end of a wave X (purple) and the start of a larger bullish correction within wave 2 (pink).

Daily chart:

Source: Admiral Markets MT5 with MT5SE Add-on GBP/USD motive wave

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

Weekly chart:

Source:Admiral Markets MT5 with MT5SE Add-onGBP/USD motive wave

The GBP/USD bearish breakout could see the continuation of the wave 5 (purple) whereas a bullish break above resistance (red) could indicate that a wave C has been completed at the bottom.

Monthly chart:

Source: Admiral Markets MT5 with MT5SE Add-on GBP/USD motive wave

USD/JPY

The USD/JPY broke above the resistance trend line (dotted red) and the bullish breakout is now moving towards the Fibonacci targets.

Daily chart:

Source: Admiral Markets MT5 with MT5SE Add-on USD/JPY motive wave

The USD/JPY could be building an ABCDE triangle (light purple) within wave B (red).

Weekly chart:

Source: Admiral Markets MT5 with MT5SE Add-on USD/JPY motive wave

The USD/JPY is in the wave D (light purple) of the triangle pattern.

Monthly chart:

Source: Admiral Markets MT5 with MT5SE Add-on USD/JPY motive wave

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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