​​Weekly Wave Analysis EUR/USD, GBP/USD, USD/JPY 4 December 2017

Gruodis 04, 2017 10:00

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 but price is approaching a key resistance zone (red lines), which could stop price from moving higher. This resistance could create a wave 1-2 (pink) pattern, which becomes more likely if price breaks below the support (blue) trend line. A break below the bottom wave 2 and 100% Fibonacci level invalidates the wave 2 and indicates that the wave 4 (purple) is still active.

Daily chart:

The EUR/USD bullish bounce 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 broke above the resistance (dotted red) of the sideways range. The bullish breakout could indicate that the intermediate trend is bullish. A bearish retracement could see a bounce at support and a continuation of the uptrend towards the Fib targets.

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 (pink) invalidates the wave 4 pattern (pink).

Weekly chart:

The GBP/USD bearish breakout could see the continuation of the wave C (purple) whereas a bullish break above resistance (orange) could indicate that the wave C has been completed at the bottom.

Monthly chart:

USD/JPY

The USD/JPY might have completed its bearish retracement (wave 2/B) at the 50% Fibonacci level, although price will need to confirm the uptrend by breaking above local resistance (red).

Daily chart:

The USD/JPY is in a wedge chart pattern with support (blue) and resistance (brown/red) nearby. The wave B (red) could have been completed at the most recent bottom but price will need to break above support or resistance before the long-term direction becomes clearer.

Weekly chart:


The USD/JPY is looking for a breakout of the wedge pattern.

Monthly chart:

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