Article By RoboForex.com
EUR USD, “Euro vs US Dollar”
Eurodollar is forming the ascending impulse (c) in the zigzag [ii]. Consequently, in the nearest future the market may break the maximum of the wave (a).
More detailed structure is shown on the H1 chart. Earlier, the price formed the wave (b) in the form of thezigzag with the horizontal triangle b inside it. At the moment, the price is moving upwards in the wave iii of (c), which may continue on Monday.
In case of Pound, the chart structure is getting more and more complicated as we’re approaching the Brexit date. Probably, the price is about to finish the wave (ii) and then may start a new decline. However, to confirm this scenario, the market has to form the bearish impulse in the wave i.
As we can see at the H1 chart, after finishing the descending impulse in the wave (i), Pound started forming the bullish wave a. Probably, the price may complete the correctional wave (ii) this week. The critical level for this wave is the maximum of the wave (i).
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Yen is about to finish the fourth wave in the descending impulse (iii). Consequently, later the pair may fall in the wave v of (iii) and reach a new local low.
It’s highly likely that Yen has completed the wave iv in the form of the zigzag, which means that it may resume falling in the fifth wave. However, due to the gap this morning, in order to confirm this scenario, the market has to form the first wave in the wave v of (iii).
It looks like Australian Dollar forming the wave (y) in the correctional double zigzag [ii]. Earlier, the price completed the descending impulse in the wave [i]. As a result, in the nearest future the market may break its local high.
More detailed structure, which is shown on the H1 chart, implies that the price may continue forming the wave (y) in the form of the zigzag. In the nearest future, the market may form the bullish impulse in the wave a and start a new local correction.
RoboForex Analytical Department
Article By RoboForex.com
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