Forecast for March 29th, 2016
It looks like Eurodollar has completed the wave [ii] and right now is about to start a new decline. Probably, earlier Eurodollar finished the triangle in the wave (B) and then the descending impulse in the wave [i]. Possibly, on Tuesday the price may reach a new local low.
EUR USD, “Euro vs US Dollar”
More detailed structure is shown on the H1 chart. It looks like the wave [ii] has taken the form of the double zigzag. Right now, Eurodollar may be forming the bearish wave (i), which may be followed by another local correction.
GBP USD, “Great Britain Pound vs US Dollar”In case of Pound, the situation is quite similar. It’s highly likely that after completing the descending impulse in the wave [i], the price has finished another local correction. Consequently, on Tuesday the price may resume falling and break the minimum reached last week.
As we can see at the H1 chart, the wave [ii] has taken the form of the double zigzag with the triangle (x) inside it. Earlier, the price formed the descending impulse in the wave [i]. It looks like in the nearest future the market may start forming the first wave in the wave [iii].
USD JPY, “US Dollar vs Japanese Yen”Yen continues moving upwards, which means that the price has completed the wave (4). Probably, right now the price is forming another ascending impulse and may continue moving upwards while forming the triangle [iv] during the next several days and breaks its highs.
At the H1 chart, the wave [v] of the wave C turned out to be truncated, after which the market started growing. It looks like right now Yen is finishing the diagonal triangle in the wave v of (i). After rebounding from the pattern’s upper border, the pair may start a new local correction.
AUD USD, “Australian Dollar vs US Dollar”Probably, Australian Dollar finished the zigzag in the wave 4. After completing the ascending impulse in the wave [c], the pair has started falling in the wave [i]. During the next several days, the price may fall and break its local low.
At the H1 chart, the wave (iv) has taken the form of the zigzag. Considering that earlier Australian Dollar formed the truncation in the wave v of (i), the price hasn’t broken the critical level when completing the wave (iv). Consequently, in the nearest future the market start falling in the wave (v) of [i].
RoboForex Analytical Department
Without authorization, you can view no more than two reviews per day and no more than 10 per month. To continue reading analytical reviews, register or login to your Members Area.