EUR USD, “Euro vs US Dollar”
It’s highly likely that the EUR/USD pair is about to complete the wave 2 in the form of the double zigzag. Right now, the price is finishing the zigzag in the wave [y]. As a result, in the nearest future the market may form the bullish impulse in the wave v of (c) of [y].
More detailed structure is shown on the H1 chart. The pair completed the extended wave iii along with the correctional wave iv. Consequently, on Friday the market may break the high. To confirm a new decline, the price has to form the bearish impulse in the wave i.
GBP USD, “Great Britain Pound vs US Dollar”
The GBP/USD pair is about to complete the horizontal triangle in the wave (iv). In the nearest future, the market may finish the wave e. If the price rebounds from the pattern’s upside border, it may start falling in the wave i.
At the H1 chart, the pair is forming the zigzag in the wave e of (iv). Possibly, the wave [C] of e is taking the form of the diagonal triangle. If the market rebounds from the triangle’s upside border, bears may try to reverse the pair to the downside.
USD JPY, “US Dollar vs Japanese Yen”
After finishing the double zigzag in the wave [x], the USD/JPY pair started falling in the wave (a). As a result, in the nearest future the market may be corrected in the wave (b), which may later be followed by a new decline in the wave (c) of [y].
More detailed structure of the descending impulse (a) is shown on the H1 chart. Possibly, the pair is finishing the fifth wave in the extended wave iii. Consequently, after breaking the local low, the market may start a local ascending correction.
AUD USD, “Australian Dollar vs US Dollar”
After completing the wave [e] of the horizontal triangle 4, the AUD/USD pair resumed falling. Consequently, to confirm a new decline, the market has to form the descending impulse in the wave (i) during the next several days.
As we can see at the H1 chart, the pair is about to complete the third wave of the wave (i). As a result, in the nearest future the market may be corrected in the iv, which may be later followed by a new descending movement.
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.