Weekly Wave Analysis EUR/USD, GBP/USD, USD/JPY 28 August 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 broke above the resistance (dotted red) of the continuation chart pattern and is continuing with the uptrend. The first target is at 1.20 which could cause a retracement, at least on lower time frames, within the uptrend.

Daily chart:

The EUR/USD bullish price action is probably part of a wave 3 (blue) momentum.

Weekly chart:

The EUR/USD bullish momentum could be part of a wave A (brown). The strong bullish momentum seems to indicate that the bearish wave 5 (blue) of wave C (brown) is most likely completed.

Monthly chart:

USD/JPY

The USD/JPY is caught in between a support zone (green) and resistance trend line (orange).

Daily chart:

The USD/JPY is also in a larger triangle chart pattern with support (blue) and resistance (red) nearby.

Weekly chart:

The USD/JPY is most likely in a wave B (green) correction at the moment. Price could test lower Fibs like the 50%-61.8% Fib or show a break above resistance (red) and start wave C.

Monthly chart:

GBP/USD

The GBP/USD is probably building a wave 1-2 (red) wave structure and could complete a potential head and shoulders chart pattern at the resistance zone (orange).

Daily chart:

The GBP/USD seems to be completing an ABC (brown) correction at the resistance trend lines (brown/red). This could be part of a larger wave 4 (purple) correction unless price breaks above the resistance trend line (brown).

Weekly chart:

The GBP/USD could be in a wave 4 (purple) if price manages to break below support and stay below the 61.8% Fibonacci level of wave 4 vs 3.

Monthly chart:

Follow @ChrisSvorcik on twitter for latest market updates.
Connect with Chris Svorcik on Facebook for latest market updates.