? Critical Wave Patterns Visible ? for EUR/JPY, GBP/AUD and XAU/USD

3 min read

Dear traders,

for the first time, we share our wave analysis on the EUR/JPY, GBP/AUD and XAU/USD 4 hour charts with you.

The GBP/AUD and XAU/USD pairs seem to be ready to build a key wave C within a larger ABC zigzag whereas the EUR/JPY remains right at the invalidation level of a wave 4.

GBP/AUD Bearish ABC Zigzag

The GBP/AUD is building a sideways zone after the bullish price action was unable to break above the 61.8% Fibonacci resistance level of wave B.

A bearish break could start wave C (green) whereas a bullish breakout could start a new bullish structure and potentially invalidate the wave patterns shown in the image.

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123.

EUR/JPY ABC Completed in Wave 4

The EUR/JPY seems to have completed an ABC (orange) within wave 4 (green) but a break below the support trend line (green) would invalidate this wave pattern. A break above the resistance trend line (orange) would confirm a potential bullish breakout within the waves 5.

XAU/USD Breaks Below Channel at 50% Fib

The XAU/USD broke below the bullish channel (dotted blue) and could have completed the wave B (purple) and started the bearish wave C (purple).

Many green pips,

Chris

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