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Wave Analysis 17.03.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)

Forecast for March 17th, 2016

EUR USD, “Euro vs US Dollar”

In case of Eurodollar, the chart structure has been changed. It looks like the price is about to complete the large triangle in the wave (B) with the zigzag E inside it. On the minor wave level, after finishing the wave [c], the pair may resume its decline.

More detailed structure is shown on the H1 chart. Probably, yesterday the price finished the zigzag in the wave [b], started forming the wave [c], and reached a new local high. During the day, the market may yet continue moving upwards.

GBP USD, “Great Britain Pound vs US Dollar”

Probably, Pound has started forming the wave [ii]. Earlier, after completing the wave 4 in the form of the double zigzag, the market formed the descending impulse in the wave [i]. The price will resume moving downwards as soon as the pair finishes the current correction.

More detailed structure is shown on the H1 chart. After completing the wave [i], Pound has formed the bullish impulse in the wave (a). On Thursday, the market start growing in the wave (c) of [ii], which may be followed by a further decline of the pair.

USD JPY, “US Dollar vs Japanese Yen”

It looks like Yen has finished the triangle in the wave [iv]. Probably, the market is falling in the wave [v] of C and later break the minimum of the wave [iii].

After rebounding from the triangle’s upper border, Yen resumed its decline. Later the market formed the bearish impulse in the wave i and the correction in the wave ii. It looks like in the nearest future the market may continue forming the descending extension in the wave iii.

AUD USD, “Australian Dollar vs US Dollar”

In case of Australian Dollar, the chart structure has been changed. Probably, the pair is about to finish the wave 4, which is taking the form of the zigzag. Probably, in the future the market may complete the impulse in the wave (c) and resume falling.

As we can see at the H1 chart, the pair is forming the ascending impulse in the wave (v). Earlier, the price finished the wave (iv) in the form of the zigzag. On the minor wave level, after completing the wave iii, the market may start another local correction.

RoboForex Analytical Department

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