Article By RoboForex.com
Analysis for March 20th, 2015
EUR USD, “Euro vs US Dollar”
Euro has finished the first five-wave structure inside [v] of 5 and right now is being corrected inside wave (ii) of [v] of 5, which isn’t completed yet. In the nearest future, the market is expected to resume falling inside wave (iii) of [v] of 5.
Probably, the price has finished impulse (i) of [v] of 5 and right now is forming wave (ii) of [v] of 5. However, the downtrend may continue only if the price is able to stay below 1.0610 (crimson line).
GBP USD, “Great Britain Pound vs US Dollar”
The chart structure has become more bearish. Probably, Pound has only finished wave 1 of a larger descending impulse (3) of [C]. After completing a correctional wave [ii] of 3 of (3), the market is expected to continue falling and reach new local lows.
After finishing wave 2 of (3) in the form of expanded flat, the pair has formed wave [i] of 3 of (3) and may complete a correctional wave [ii] of 3 of (3) quite soon. In the nearest suture, the price is expected to finish an ascending zigzag inside wave [ii] of 3 of (3) and continue falling.
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USD JPY, “US Dollar vs Japanese Yen”
Probably, wave 5 of (5) of [5] is taking the form of ending diagonal triangle, because earlier wave 1 of (5) of [5] took the form zigzag. In the nearest future, the price is expected to form an ascending three-wave structure inside wave 3 of (5) of [5].
Wave 2 of (5) of [5] took the form of zigzag with running triangle [b] of 2 of (5) inside it. In the nearest future, the price is expected to finish a correction inside wave [b] of 3 of (5) and start growing inside wave [c] of 3 of (5).
USD CAD, “US Dollar vs Canadian Dollar”
Most likely, wave [4] of iii has taken the form of expanded flat. Right now, the pair is forming impulse [5] of iii, which may continue in the nearest future and eve reach 1.3000.
So, the market has completed wave (1) of [5] of iii and right now is forming a correctional wave, which isn’t finished yet. That’s why in the nearest future, the price is expected to complete this descending zigzag and start moving upwards inside wave (3) of [5] of iii.
RoboForex Analytical Department
Article By RoboForex.com
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
