EUR USD, “Euro vs US Dollar”
Probably, after finishing the wave 1 in the form of the descending wedge, the EUR/USD pair completed the wave 2 in the form of the zigzag. As a result, later the market may resume falling. To confirm this scenario, the price has to form the descending impulse in the wave [i] of 3.
As we can see at the H1 chart, the pair may extend the wave (iii). Consequently, after finishing the wave ii, the price may resume moving downwards and form another descending impulse, this time in the wave iii of (iii).
GBP USD, “Great Britain Pound vs US Dollar”
It looks like after finishing the descending impulse in the wave [iii], the GBP/USD pair started a new correction and formed the ascending zigzag, which may be the wave (a) or (w). Consequently, during the next several days the market may form another zigzag, this time in the wave (b) or (x).
More detailed structure is shown on the M30 chart. It’s highly likely that the pair is forming the third wave of the descending impulse in the wave c. On Tuesday, the market may continue moving downwards.
USD JPY, “US Dollar vs Japanese Yen”
Possibly, the USD/JPY pair completed the wave 2 in the form of the zigzag and then finished the ascending impulse in the wave [i]. Right now, the price is forming the correctional wave [ii]. As a result, the market may resume moving upwards.
Probably, the wave [ii] is taking the form of the zigzag. On Tuesday, the market may be corrected, but after finishing the wave (c), the price is expected to resume growing towards the high of wave [i].
AUD USD, “Australian Dollar vs US Dollar”
The AUD/USD pair is still consolidating. It looks like after finishing the bullish impulse in the wave (a), the price started forming the correctional wave (b). It’s highly likely that on Tuesday the market may continue moving inside the flat.
At the H1 chart, the pair completed the descending wedge in the wave a and right now is about to complete the local correction. Later, the market is expected to start a short-term decline in the wave c of (b).
RoboForex Analytical Department