Article By RoboForex.com
EUR USD, “Euro vs US Dollar”
Possibly, the wave [c] of 2 is taking the form of the diagonal triangle. If this assumption is correct, in the nearest future the market may continue moving towards the pattern’s upside border. If later the price rebounds from it, bears nay try to resume the downtrend.
More detailed structure is shown on the H1 chart. It looks like the pair is about to complete the fourth wave in the diagonal triangle [c]. As a result, during the day the price may resume moving upwards and form the wave (c) of [v].
GBP USD, “Great Britain Pound vs US Dollar”
After finishing the wave (v) and, as result, completing the wave [iii], the GBP/USD pair started the current correction. It’s highly likely that right now the price is forming the zigzag, which may be the wave (a) or (w). In the nearest future, the market may continue growing in the wave c.
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As we can see at the M30 chart, the pair is about to complete the third wave in the wave c. Consequently, in the nearest future the price is expected to start the wave [4], which may be followed by a new growth in the wave [5] of c.
USD JPY, “US Dollar vs Japanese Yen”
In case of the USD/JPY pair, the price is still forming the wave 2 in the form of the double zigzag. Possibly, during the next several days the pair may continue falling in the wave [y]. As a result, in the nearest future the market may reach a new local low.
As we can see at the H1 chart, the pair is probably forming the descending zigzag in the wave [y] of 2. Consequently, after finishing the correctional wave (b), the market may form another bearish impulse in the wave (c) of [y].
AUD USD, “Australian Dollar vs US Dollar”
The AUD/USD pair is still forming the ascending impulse, which may be the wave (a) of [ii]. On a longer timeframe, the price is probably forming the diagonal triangle in the wave 5. During the next several days, the market may continue moving upwards in the zigzag [ii].
More detailed structure of the ascending impulse in the wave (a) is shown on the H1 chart. Probably, the pair completed the wave iv and may soon resume moving upwards in the wave v of (a) and, as a result, break the local high.
RoboForex Analytical Department
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.
