Article By RoboForex.com
EUR USD, “Euro vs. US Dollar”
Supposedly, EUR USD is showing a descending wedge in the wave [i]. A horizontal triangular was formed earlier in the wave (В) within which the wave E has become a zigzag. In the short-term, we can expect a further decline of the price.
On 1-H chart a zigzag within the wave (iv) was formed and this lead to a descending impulse in the wave i. Thus, in the short-term we can expect a further decline of the price within the wave iii of (v).
GBP USD, “Great Britain Pound vs. US Dollar”
On the GBP chart the analysis has been updated. Apparently, the ascending zigzag in the wave (y) of [ii] has come to an end. If a descending impulse on the chart is formed, this can be seen as confirmation of continuation of the pair decline.
More detailed analysis can be found on the 1-H chart. Supposedly, a bullish impulse in the wave с of (y) has been formed. Within the wave с of (y) the fifth wave have been completed. As such, we can expect the market descending as early as during the day.
USD JPY, “US Dollar vs. Jananese Yen”
The wave analysis that suggests a further forming of the diagonal triangular in the wave [v] of C still remains in force. It may happen that in the near future we can see how the market starts descending within the wave(iii).
As we can see on the 1-H chart analysis, a bullish impulse has been formed within the wave [C] of y, and this has led to falling of the price in the assumed wave (1). On Monday, it is possible that we see a further downside move of the price.
AUD USD, “Australian Dollar vs. US Dollar”
Most probable that the Aussie starts forming an in the wave (iii). A descending wedge was formed earlier in the wave (i) which has been corrected by the wave (ii). Consequently, in the short term it is possible that a new round of descending starts and a breakout of the low occurs.
On the 1-H chart a wedge in the wave i has been formed, and this has led to start of a local correction. Admittedly, the wave ii has already been completed, and this gives the pair a chance to descend within the third wave. Thus, as early as the nearest days the pair can form a new low of the wave i.
Article By RoboForex.com
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.