Market structure reviewing trend, patterns and S&R on EUR/USD, GBP/USD and USD/JPY

6 min read

Hello Trader,

The US Dollar has been strengthening significantly during the last few weeks. Will the USD uptrend continue or will there be a retracement visible in the near future? Today’s wave analysis reviews that question and more on the EUR/USD, GBP/USD and USD/JPY. Make sure to check out our live webinars this week for newest updated forecasts and analysis.

EUR/USD

The EUR/USD downtrend is approaching the bottoms (green) from the weekly chart, which could act as potential bouncing spots if price is indeed in a wave 5 (brown) of wave 1 (green). A bullish bounce at the support zone could cause a wave 2 correction (green) – see weekly chart.

Daily chart:
21-11-2016_eu_d

The current wave 4 (blue) consolidation seems to be completed when considering the strong bearish weekly candles, which would be confirmed if price manages to break below the bottom of wave b (green). A wave 1-2 (green) could occur before the support levels are broken. An immediate break of the support zone could indicate that a wave 3 is already in motion.

Weekly chart:
21-11-2016_eu_w

Once the EUR/USD breaks below the various support levels (green) it will be starting a new bearish momentum via wave 5 (blue) of wave C (purple).

Monthly chart:
21-11-2016_eu_m

GBP/USD

The GBP/USD seems to have completed a WXY (blue) correction within a wave 4 (green). A bearish breakout below the support trend line (green) could lead to a continuation of the downtrend.

Daily chart:
21-11-2016_gu_d

The GBP/USD is showing a bounce at support (green) but the trend remains bearish. A break below support could see price continue with the bearish impulse towards a new lower low

Weekly chart:
21-11-2016_gu_w

The GBP/USD falling towards the Fibonacci targets of wave C (green).

Monthly chart:
21-11-2016_gu_m

USD/JPY

The USD/JPY bullish momentum has been very strong, which is why the wave count is showing a wave 3 (blue/purple). Price managed to break above the psychological round level of 110 and is heading towards Fibonacci targets. Once the wave 3 (blue) impulse has been completed then a wave 4 (blue) retracement and wave 5 (blue) continuation is expected within wave 3 (purple).

Daily chart:
21-11-2016_uj_d

The USD/JPY is now showing a strong bullish impulse and accelerating towards the Fibonacci targets of wave 3 vs 1 (purple) after price broke above the resistance trend line (dotted orange).

Weekly chart:
21-11-2016_uj_w

The USD/JPY seems to be confirming that a wave B (green) retracement has been completed and price is starting a new wave C (green).

Monthly chart:
21-11-2016_uj_m

Wish you safe trading,

Nenad and Chris

WARNING: Trading on the financial markets, including Forex, is high risk. Your losses can exceed your deposits. All pages, information, articles, and content on this website is for informational and educational purposes ONLY. Read the detail terms and conditions, including risk disclaimer via this link.

Twitter: @elitecurrensea

Youtube: Elite CurrenSEA

Live webinars at: Admiral Markets

Open up an account with Admiral Markets and receive our course and material for free

Please note that the update is posted with permission from Admiral Markets 

Thank you

Leave a Reply

avatar

This site uses Akismet to reduce spam. Learn how your comment data is processed.

  Subscribe  
Notify of

🍿️ Discover your path to a 100% yearly returns over the convos with Chris Svorcik!

X