Forecast for March 22nd, 2016
The scenario with the horizontal triangle in the wave (B) is still in effect. It’s highly likely that after completing the zigzag in the wave E, Eurodollar has started forming the descending impulse. On Tuesday, the price may continue its decline.
EUR USD, “Euro vs US Dollar”
At the H1 chart, yesterday the pair finished the wave (i) and then the local correction as well. In the nearest future, the market may fall in the wave (iii) of [i].
GBP USD, “Great Britain Pound vs US Dollar”After completing the wave 4 in the form of the zigzag, Pound is attempting to resume its descending movement. Probably, the price is forming the descending impulse in the wave [i]. It’s highly likely that in the nearest future the market may continue moving downwards and reach new lows.
More detailed structure of the impulse [c] is shown on the H1 chart. Probably, the pair completed the third wave in the wave (i). After completing the local correction, Pound may resume falling and forming the wave v of (i).
USD JPY, “US Dollar vs Japanese Yen”After finishing the horizontal triangle in the wave [iv], Yen has resumed its descending movement. While forming the wave [v], the market has broken the minimum of the wave [iii]. It looks like during this week the price may continue moving downwards.
As we can see at the H1 chart, Yen has completed the fourth wave in the wave iii. Consequently, on Tuesday the pair may break the minimum of the wave . Later, the market may start another correction, this time in the wave iv.
AUD USD, “Australian Dollar vs US Dollar”Last week, Australian Dollar finished the wave 4 in the form of the zigzag. On the minor wave level, the pair completed the ascending impulse in the wave [c]. During the next several days, the price may fall and form the descending impulse.
As we can see at the H1 chart, after finishing the impulse (c), the pair has formed the descending wave (i) and the wave (ii) as well. As a result, on Tuesday the market may fall quite fast in the third wave.
RoboForex Analytical Department
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