Article By RoboForex.com
EUR USD, “Euro vs US Dollar”
Probably, the EUR/USD pair is still forming the ascending impulse [c] of the zigzag in the wave 2. In the nearest future, the market may continue moving upwards. If later the price forms the descending impulse in the wave [i], the pair may resume its decline.
More detailed structure is shown on the H1 chart. It looks like the wave [b] took the form of the flat with the diagonal triangle (c) inside it. At the moment, the pair is finishing the fourth wave of the ascending impulse in the wave [c]. Consequently, in the nearest future the market may form the bullish (v) of [с].
GBP USD, “Great Britain Pound vs US Dollar”
After finishing the wave [iii], the GBP/USD pair started a new correction and formed the ascending zigzag, which may be the wave (a) or (w). Consequently, during the next several days the market may fall in the wave c inside another zigzag, this time in the wave (b) or (x).
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As we can see at the M30 chart, after finishing the impulse in the wave a, the pair started a new correction. It looks like the price may start a short-term growth in the wave [C] of the ascending zigzag in the wave b.
USD JPY, “US Dollar vs Japanese Yen”
In case of the USD/JPY pair, the correction continues as well. It looks like the wave [c] of 2 is taking the form of the diagonal triangle and may yet reach a new local low while forming this pattern. To confirm a new ascending movement, the market has to form the bullish impulse in the wave [i].
As we can see at the H1 chart, the pair is forming the fourth wave of the wave [c] of 2. On Wednesday, the local correction may yet continue, but later the price is expected to resume falling in the fifth wave and test the downside border of the pattern from the H4 chart.
AUD USD, “Australian Dollar vs US Dollar”
After finishing the bullish impulse in the wave (a), the AUD/USD pair is still consolidating. in the nearest future the market may complete the local correction and break the high while forming the wave (c) of [ii].
At the H1 chart, the pair is probably forming the wave (b). It’s highly likely that on Wednesday the price may start a short-term decline in the wave c and break the low of the wave a. Later, the market is expected to start a new growth and break the previous 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.
