Weekly Wave Analysis EUR/USD, GBP/USD, USD/JPY 20 November 2017
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 made a strong bullish push last week which could indicate the end of the wave 4 (light purple) if price manages to stay above the 1.1725-1.1750 support zone. A break below this support could indicate a bearish continuation towards 1.1470-1.15 whereas a bullish bounce could see price test the resistance (red).
Daily chart:
The EUR/USD correction could have completed the wave 4 (light purple) and started the wave 5 (light purple) within a larger wave A (red).
Weekly chart:
The EUR/USD bullish momentum is most likely building a wave A (red), which is part of a larger ABC (red).
Monthly chart:
GBP/USD
The GBP/USD is trying to break below the long-term support (blue) or resistance (red) trend line but the larger sideways range is still a factor. The potential bearish breakout could indicate a continuation of the bearish wave 5 (green).
Daily chart:
The GBP/USD needs to break below support (blue/green) before a larger downside becomes more likely. A break above the resistance trend line (orange) and bottom of wave 1 (blue) invalidates the wave 4 pattern (blue).
Weekly chart:
The GBP/USD is testing a larger support trend line (blue). A bearish breakout could indicate the continuation of the wave C (purple).
Monthly chart:
USD/JPY
The USD/JPY seems to have completed a wave A or wave 1 (light purple) and a bearish retracement (wave 2/B) has taken price down to the 38.2% Fib level which could cause a bounce.
Daily chart:
The USD/JPY is in a larger triangle chart pattern with support (blue) and resistance (brown/red) nearby. The wave B (red) seems to be completed at the most recent bottom.
Weekly chart:
The USD/JPY is looking for a breakout of the triangle pattern.
Monthly chart:
Follow @ChrisSvorcik on twitter for latest market updates.
Connect with Chris Svorcik on Facebook for latest market updates.