Weekly Wave Analysis EUR/USD, GBP/USD, USDJPY 19 June 2017
Weekly Wave Analysis EUR/USD, GBP/USD, USDJPY 19 June 2017
Juni 19, 2017 04:30
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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