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/
The EUR/USD is moving up higher and challenging the previous top (red box), which is a key support or resistance zone. This is probably part of a wave W (pink) within wave B (light purple) but it could also still be a wave 4 if price declines fast from the resistance zone. A bullish breakout could see price test the Fibonacci retracement levels of wave B (purple).
The EUR/USD seems to be building a bearish ABC (purple) correction within wave B (red).
The EUR/USD has probably completed wave A (red) and price is now most likely retracing to the Fibonacci levels of wave B (red).
The GBP/USD is moving up higher and challenging the resistance trend line of the downtrend channel (red). This is probably part of a wave W (purple) within wave 2 (pink).
The GBP/USD has probably started the bearish wave 5 after price has completed a wave 4 (light purple) correction.
The GBP/USD bearish breakout could see the continuation of the wave 5 (purple) whereas a bullish break above resistance (red) could indicate that the wave C has been completed at the bottom.
The USD/JPY is testing the resistance trend line (red) and a bullish breakout could see price rise towards the next Fibonacci levels. A bearish breakout below support could see price complete a larger correction within wave X (pink).
The USD/JPY could be building an ABCDE triangle (light purple) within wave B (red).
The USD/JPY is in the wave D (light purple) of the triangle pattern.
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.