Forecast for March 23rd, 2016
The scenario, which implies that the price has completed the horizontal triangle in the wave (B), is still in effect. It’s highly likely that earlier the pair finished the zigzag in the wave E and then started falling. In the nearest future, the market may continue its descending movement.
EUR USD, “Euro vs US Dollar”
More detailed structure is shown on the H1 chart. Probably, after finishing the wave E of (B), Eurodollar has formed the descending impulse in the wave (i). During the day, the market may form the extension in the wave (iii).
GBP USD, “Great Britain Pound vs US Dollar”It looks like after completing the wave 4 in the form of the zigzag, Pound has resumed its descending movement. On the minor wave level, the price is forming the descending impulse in the wave [i]. In the future, the market may complete this wave and start a new local correction.
As we can see at the H1 chart, the pair is about to complete the fifth wave in the wave (i). Earlier, the price firmed the ascending impulse in the wave [c] of 4. Pound may start a new ascending correction as soon as the market completes the wave (v).
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]. After completing the local correction, the price may resume moving downwards.
The chart structure has been changed. Probably, the wave (e) took the form of the horizontal triangle and was followed by the wave (i). After finishing the correction, the pair may resume its decline in the wave (iii) of [v].
AUD USD, “Australian Dollar vs US Dollar”Probably, 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, the wave (ii) has taken the form of the flat. Earlier, the pair formed the descending wave (i). As a result, in the nearest future, the market may resume falling and reach a new local low.
RoboForex Analytical Department
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