Forecast for March 16th, 2016
Probably, Eurodollar has formed the flat in the wave [ii]. After finishing the bullish impulse in the wave (c), the pair has started falling and right now is forming the bearish wedge in the wave (i). Later, we can expect a short-term correction.
EUR USD, “Euro vs US Dollar”
More detailed structure is shown on the H1 chart. It’s highly likely that the price is completing the fourth wave of the wedge. Consequently, during the day the market may fall while forming the wave v of (i) and then start a correction.
GBP USD, “Great Britain Pound vs US Dollar”After completing the wave 4 in the form of the double zigzag, Pound is attempting to resume moving downwards. Probably, on the minor wave level the market is finishing the bearish impulse in the wave [i]. On Wednesday, the price may form another local correction.
As we can see at the H1 chart, after finishing the zigzag in the wave [y] of 4, Pound has started forming the descending impulse in the wave [i]. On the minor wave level, the market is about to complete the fifth wave. Consequently, in the nearest future the price may start a short-term growth in the correctional wave [ii].
USD JPY, “US Dollar vs Japanese Yen”It looks like Yen has finished the triangle in the wave [iv]. In the future, the market may start falling in the wave [v] of C and later break the minimum of the wave [iii].
Earlier, Yen completed the zigzag in the wave (e) of [iv] and then rebounded from the triangle’s upper border. Later, the market formed the bearish impulse in the wave i and the correction in the wave ii as well. It looks like in the future the price may continue forming the descending extension in the wave iii.
AUD USD, “Australian Dollar vs US Dollar”It looks like Australian Dollar has finished the ascending wave 4. Moreover, the price has already completed the impulse in the wave (c) of [y]. This is why in the nearest future the pair may resume moving downwards.
As we can see at the H1 chart, right now the pair is forming the descending impulse in the wave (i). On the minor wave level, the price has completed the wave iv and may yet fall in the wave v. It’s highly likely that during the day the market may complete the wave (i) and start another correction. Later, the pair may resume its descending movement.
RoboForex Analytical Department
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