Forecast for March 9th, 2016
Eurodollar is still being corrected. It looks like the wave [ii] is taking the form of the zigzag. Later, after completing the local correction, the pair may continue moving upwards while forming the wave (c) of [ii].
EUR USD, “Euro vs US Dollar”
More detailed structure is shown on the H1 chart. Probably, the wave (b) is taking the form of the flat with the descending impulse c inside it. It’s highly likely that the pair may break the minimum of the wave a during the day.
GBP USD, “Great Britain Pound vs US Dollar”After completing the extension in the wave 3, Pound has started a new correction. Earlier, the pair finished the ascending impulse in the wave [a]. Probably, Earlier, the pair is about to complete the local correction, which means that in the nearest future the market may start growing in the wave [c] of 4.
As we can see at the H1 chart, the wave [b] is taking the form of the flat. On the minor wave level, Pound is forming the diagonal triangle in the wave (c). In the nearest future, the market may resume its growth in the wave [c].
USD JPY, “US Dollar vs Japanese Yen”Probably, Yen is forming the horizontal triangle [iv] in the wave C. Probably, in the nearest future the market may continue forming the current flat pattern, but later it is expected to resume its descending movement in the wave [v] of C.
At the H1 chart, Yen is finishing the wave (d) in the triangle; right now, the pair is completing the descending impulse c of this wave. It’s highly likely that the current flat pattern may continue in the nearest future, resulting in the wave (e) of [iv].
AUD USD, “Australian Dollar vs US Dollar”It’s highly likely that Australian Dollar has completed the ascending wave 4. On the minor wave level, the price has completed the impulse (c) of [y]. Possibly, one of these days the pair may resume falling in the wave (i).
After completing the wave (c) of [y], Australian Dollar has finished the descending impulse i and then the wave ii as well, which means that the pair may start falling in the wave iii of (i) very soon.
RoboForex Analytical Department
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