Weekly Wave Analysis EUR/USD, GBP/USD, USD/JPY 6 August 2018

August 06, 2018 10:31

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 is retesting the previous bottom near 1.15, which is a critical decision zone for a bullish bounce or bearish breakout. A bull reversal confirms the larger WXY (pink) reversal within wave B (light purple) whereas a bear break indicates a wave pattern change. In that case, wave 4-5 (pink) within wave A (light purple) is still open.

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 completed wave A (red) and price is 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 remains in a downtrend channel but price is now challenging a key support trend line (green). A bullish bounce could confirm the potential WXY (purple) correction within wave 2 (pink) whereas a bearish break below the Fibonacci levels of wave X vs W invalidates the correction and makes a downtrend likely.

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-on GBP/USD motive wave

The GBP/USD bearish breakout is probably indicating the start of wave 5 (purple) whereas a bullish break above resistance (red) indicates that a different wave pattern is valid.

Monthly chart:

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

USD/JPY

The USD/JPY is probably building a bearish ABC (red) within the final leg of the triangle pattern, which is wave E (light purple).

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 E (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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