Forecast for March 11th, 2016
Probably, the wave [ii] is taking the form of the zigzag, and the bullish rally, which took place yesterday, was the wave (c) inside it. Consequently, later the pair may continue fall in the wave (i). If the price does form the descending impulse, the market will resume its decline.
EUR USD, “Euro vs US Dollar”
More detailed structure is shown on the H1 chart. Probably, after completing the wave (b) in the form of the zigzag, the price has formed a fast bullish impulse in the wave (c). If the pair forms the descending wave i during the day, bears may return to the market.
GBP USD, “Great Britain Pound vs US Dollar”It’s highly likely that Pound has completed the correction. However, in order to confirm it, the pair must form the descending wave (i). Until that, there is a risk that the wave [c] of 4 may continue and I wouldn’t start selling right now.
As we can see at the H1 chart, after completing the wave [b], Pound has formed the ascending impulse, which may be the wave [c] of 4. However, this movement may as well be considered as the first wave in the wave [c], which means that the market has completed its decline in the form of the correctional pattern and formed this bullish impulse after that.
USD JPY, “US Dollar vs Japanese Yen”It looks like Yen has finished the triangle [iv]. Consequently, in the nearest future the market may start falling in the wave [v] of C and later break the minimum of the wave [iii].
More detailed structure of the triangle is shown on the H1 chart. Probably, yesterday Yen completed the zigzag in the wave (e). After rebounding from the pattern’s upper border, the market has started falling in the wave i. After completing the local correction, the price may start forming the bearish wave iii.
AUD USD, “Australian Dollar vs US Dollar”Australian Dollar is still forming the ascending wave 4. On the minor wave level, the price is forming the impulse (c) of [y]. One of these days, the pair may complete the bullish impulse and resume falling.
At the H1 chart, the pair is about to finish the wave (c) of [y]. On the minor wave level, Australian Dollar is finishing the wave v. Possibly, on Friday the price may break the maximum of the wave iii and then start falling.
RoboForex Analytical Department
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