Article By RoboForex.com
EUR USD, “Euro vs US Dollar”
After finishing the descending impulse in the wave 1, the EUR/USD pair started a new ascending correction. It’s highly likely that in the nearest future the market may continue forming the wave 2 and break yesterday’s high.
As we can see at the H1 chart, the pair finished the ascending zigzag, which may be the wave [w]. As a result, the wave 2 may take the form of the double zigzag. Consequently, after completing the wave [x], the market may start growing in the wave [y] of 2.
GBP USD, “Great Britain Pound vs US Dollar”
The main scenario remains the same and implies that the GBP/USD pair is forming the wave [iv] in the form of the triangle. In the nearest future, the market may finish the wave (d) and start a short-term growth in the wave (e) to reach the pattern’s upside border.
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More detailed structure of the triangle in the zigzag (d) is shown on the H1 chart. In the nearest future, the market may finish the wave b and start a short-term decline in the wave c of (d).
USD JPY, “US Dollar vs Japanese Yen”
Probably, the USD/JPY pair finished the ascending impulse in the wave c, which is a part of the wave (y). Consequently, in the nearest future the market may fall in the wave a or i.
As we can see at the H1 chart, the pair finished bullish impulse in the wave c. It’s highly likely that right now the price is forming the descending wedge in the wave [1]. As a result, after completing the local correction, the market may reach a new local low.
AUD USD, “Australian Dollar vs US Dollar”
After finishing the descending impulse in the wave (i), the AUD/USD pair started another correction. Consequently, in the nearest future the market may form the wave (ii), which may later be followed by a new decline.
As we can see at the H1 chart, the pair finished the ascending wedge in the wave a. On Tuesday, the price may form a new local correction and reach a new local low. Later, the market may start growing in the wave c of (ii).
RoboForex Analytical Department
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.