Forecast for March 18th, 2016
Probably, Eurodollar has completed the horizontal triangle in the wave (B). On the minor wave level, the pair has finished the zigzag E with the wave [c] inside it. Consequently, during the day, the market may resume its decline.
EUR USD, “Euro vs US Dollar”
More detailed structure is shown on the H1 chart. After finishing the zigzag in the wave [b], Eurodollar has formed the bullish impulse in the wave [c] of E. The market is moving under the triangle’s upper border, so in the nearest future the price may start forming the bearish impulse.
GBP USD, “Great Britain Pound vs US Dollar”It looks like Pound has completed the wave 4 in the form of the zigzag with the flat [b] inside it. Yesterday, the market broke its local high. Taking into account that the current correction might have already finished, in the future the price may start moving downwards in the wave [i].
More detailed structure is shown on the H1 chart. After completing the bearish impulse in the wave (c) of [b], Pound has formed the ascending impulse in the wave [c] of 4 with the short fifth wave inside it. On Friday, the market may start falling.
USD JPY, “US Dollar vs Japanese Yen”It looks like Yen has finished the triangle in the wave [iv]. Probably, right now the market is falling in the wave [v] of C and has already broken the minimum of the wave [iii]. Later, the price is expected to continue falling.
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”It’s highly likely that Australian Dollar is about to finish the wave 4 in the form of the zigzag. On the minor wave level, the pair is completing the bullish impulse in the wave [c]. Consequently, in the nearest future the price may fall and form the bearish impulse.
As we can see at the H1 chart, the wave (iv) took the form of the flat. Later, the price formed the ascending impulse in the wave (v) of [c] with the diagonal triangle v inside it. During the day, the market may start another descending movement.
RoboForex Analytical Department
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