Article By RoboForex.com
Currency pair EUR/USD
It appears that for Euro-US Dollar horizontal triangle pattern has been formed in the wave (B). Quite possibly that on child wave level we see forming of falling wedge in the wave [i], and if it had been formed successfully, then we would have a confirmation for further pair descending.
We can see more details on 1 hour chart. We can suppose that within current wedge there is emerging of the third wave, and before that there was zigzag in the wave ii. So that it is quite possible that we will see minimum breakage of the previously formed wave i.
Currency pair GBP/USD
It appears that when zigzag had been completed in the wave (y) of [ii], forming of downwards impulse has been started in the wave (i). In the short term perspective, when the local correction will be done, we can expect further downwards movement.
Free Reports:
Get Our Free Metatrader 4 Indicators - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
We can suppose that there has been formed the wedge in the wave i, and that was the cause of the correction. Perhaps on Tuesday we see local upwards movement in the wave [C] of ii, but then we possibly see continue of downwards movement in the wave iii, the latter would be confirmed with a descending impulse within this wave.
Currency pair USD/JPY
We can expect that diagonal triangles for the Yen pair will keep forming. However, in the short term perspective there are good chances for upwards movement in the wave (ii), and the latter can cause breakage of the local maximum. Subsequently, it is possible that price would descend in the wave (iii) of [v].
As you can see on the 1 hour chart marking—after zigzag in line x has been formed—there was the bullish impulse in the wave [A], corrected with wave [B]. So that in the short term we can expect descending dynamic in wave [C] of y.
Currency pair AUD/USD
For Aussie, there has been formed the wedge in the wave (i), corrected with the wave (ii) (the latter was formed in flat shape). So that in the short term perspective it is quite possible to see an extension in the third wave.
On 1 hour chart wedge has been formed in the wave i. During the day we probably see further local correction, but sooner or later we should expect beginning of downwards price movement within the wave[1].
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.
