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Wave Analysis 17.03.2017 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)

17.03.2017

EUR USD, “Euro vs US Dollar”

Probably, the EUR/USD pair completed the flat[ii] with the diagonal triangle (c) inside it. To confirm a new decline, the market has to form the descending impulse in the wave (i).

More detailed structure is shown on the H1 chart. The pair rebounded from the upside border of the diagonal triangle and started forming the wave i. which may later be followed by the local correction in the wave ii of (i).

 

GBP USD, “Great Britain Pound vs US Dollar”

It’s highly likely that the GBP/USD pair is completing the wave ii. Earlier, the price finished the horizontal triangle in the wave (iv). As a result, in the nearest future the market may start falling in the wave iii of (v).

As we can see at the H1 chart, the wave ii probably took the form of the flat with the bullish impulse [C] inside it. To confirm a new decline, later the pair has to form the descending impulse in the wave [1].

 

USD JPY, “US Dollar vs Japanese Yen”

In case of the USD/JPY pair, the current correction is taking the form of the double zigzag. Right now, the price is forming the descending zigzag in the wave [y] of 2. Consequently, during the next several days the market may continue moving downwards.

At the H1 chart, the pair is probably completing the fifth wave of the wave (a). As a result, in the nearest future the market may start forming the correctional wave (b).

 

AUD USD, “Australian Dollar vs US Dollar”

The AUD/USD pair is forming the wave (ii) and getting very close to the critical level, which is the high of the wave (c) of [e]. To confirm a new decline, the market has to form the descending impulse in the wave (iii).

At the H1 chart, the pair probably completed the wave (ii) in the form of the zigzag. Consequently, on Friday the market may fall and form the descending impulse in the wave i of (iii).

 

RoboForex Analytical Department

 

Attention!

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.