Article By RoboForex.com
Currency pair EUR/USD
At the moment the variant for the wave (B) ending with a triangle is still prevalent. It appears that currently new descending wave [i] is forming, and successful ending of that wave would confirm that bears are back on the market.
As we can see from 1 hour chart, the wave [i] getting the shape of the falling wedge, and there is a new wave forming within it. So that in short term perspective breakage of previous wave (i) minimum is quite possible.
Currency pair GBP/USD
It appears that on 4 hours chart for pound, zigzag has been formed in the wa ve (y) of [ii]. However, we would be able to talk about new downwards price movement iteration only when we see descending impulse in the wave (i).
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More details can be learnt from 1 hour chart. Current downwards movement had been started with the newwedge in the wave i, which has been corrected by flat shape in the wave ii. Soon we should expect a start of downwards movement within the wave [3] of iii.
Currency pair USD/JPY
For Yen we can see a further formation of wave (ii) within anticipated diagonal triangles in the wave [v] of C. In the short term there is a good chance for local maximum breakage, which might lead to a strong price descending in the wave (iii).
It appears that on 1 hour chart new upwards impulse is currently being formed in the wave [C] of y. It is quite possible that in the short term perspective currency pair would continue to move upwards, which might lead to breakage of the wave w maximum.
Currency pair AUD/USD
When the flat shape in the wave (ii) had been ended, we saw a rapid downwards market movement. It is possible that wave (iii) is extending. So that we can expect further currency pair descending during the week.
More details can be seen on the 1 hour chart. It appears that downwards movement would continue even today within the wave [3] of iii, which leads to yesterday minimum breakage.
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.
