Article By RoboForex.com
EUR/USD
It is not improbable that EUR/USD pair continues to form the wave E of (B) which contains the long-lastingtriangular in the wave [b]. Thus, when the ascending impulse in the wave [c] is completed, we might see the pair resumes falling further.
There is a more detailed marking of 1-H chart. It seems that the third wave is forming within the current impulse, and this wave can give space for further price movement. As such, in the near-term we might see new local highs on EUR/USD chart.
GBP/USD
Based on the current wave structure we can conclude that the wave [ii] has been completed. However, due to a complex nature of correction we must wait for confirmation which is a descending impulse in the wave (i).
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A more detailed analysis can be found on the 1-H chart. The day before a descending impulse within the wave[1] was formed which was afterwards corrected by the wave [2]. Correspondingly, in the near-term we might see how the pair starts declining within the third wave.
USD/JPY
The bearish marking which implies a further declining of the price within wave [v] of C is still in force. Most probably, in the short term we will see a further decline of the market within the wave (iii) which is a part of a diagonal triangular.
On 1-H chart we see a descending impulse developing within the wave i. On the minor wave level there is atriangular which is almost completed within wave [4]. This can lead to the market declining within the wave[5] of I soon.
AUD/USD
It seems that the wave (ii) is still developing. A descending wedge was formed earlier in the wave (i). In addition, due to fast-moving current correction it is necessary to wait for confirmation of start of the wave(iii) in the form of descending impulse in it.
As we can see on the 1-H marking, the fifth wave of wave c of (ii) is coming to an end. The most important level here is the high of the wave (i). If we see how the wave i forms afterwards, this will be a sign of possible declining within the wave (iii).
Article By RoboForex.com
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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.