EUR USD, “Euro vs US Dollar”
At the daily chat, the EUR/USD pair is probably forming the descending impulse in the wave (C). Earlier, the price completed the triangle in the wave (B). Consequently, in the nearest future the market may continue moving downwards in the wave 3 of (C).
As we can see at the H4 chart, the pair probably formed the wedge in the wave [i]. As a result, during the next several days the market may form the wave [ii] in the form of the zigzag. On a shorter timeframe, after finishing the wave (a), the price may start forming the correctional wave (b).
GBP USD, “Great Britain Pound vs US Dollar”
Possibly, the GBP/USD pair completed the triangle in the wave (iv) of [iii]. In this case, the price may resume falling in the wave (v) and break the local lows. However, after finishing the wave (v), the market may start forming a long consolidation range in the wave [iv].
More detailed structure of this scenario is shown on the H4 chart. It’s highly likely that the pair is forming the descending impulse, which may be the wave i of (v). As a result, next Monday the price may reach a new local low.
USD JPY, “US Dollar vs Japanese Yen”
Probably, after finishing the impulse in the wave 1, the USD/JPY pair formed the zigzag in the wave 2. Taking into account that the bullish impulse in the wave [i] was completed as well, during the next several days the market may grow the wave [iii] of 3.
At the H4 chart, the pair completed the ascending impulse in the wave (i) and, as a result, started the current correction. Possibly, the wave (ii) is taking the form of the flat. After finishing the correction, the market may resume moving upwards in the wave (iii) of [iii].
AUD USD, “Australian Dollar vs US Dollar”
At the daily chat, the AUD/USD pair probably completed the triangle in the wave 4 and rebounded from its upside border. Consequently, during the next several weeks the price may fall while forming the wave 5 of (3).
As we can see at the H4 chart, the pair completed the zigzag [e] of 4 with the diagonal triangle (c) inside it. As a result, to confirm a new decline, later the price has to form the descending impulse in the wave (i).
RoboForex Analytical Department
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.