Wave Analysis 18.01.2017 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
EUR USD, “Euro vs US Dollar”
The EUR/USD pair continues forming the wave 2. Yesterday, the price finished the wedge in the wave [a] and rebounded from its upside border. As a result, in the nearest future the local correction may start, which may later be followed by a new growth in the wave [c] of 2.
More detailed structure is shown on the H1 chart. It’s highly likely that the pair finished the fifth wave in the wave [a] and right now is forming the descending impulse in the wave (a). During the day, the market may continue moving downwards.
GBP USD, “Great Britain Pound vs US Dollar”
Probably, yesterday’s growth of the GBP/USD pair is the second wave of the wave (v) of [v], which is taking the form of the diagonal triangle. Consequently, in the nearest future the market may resume falling in the wave iii and break the local low.
As we can see at the H1 chart, yesterday the pair finished the wave ii in the form of the zigzag. Right now, the price is forming the descending impulse in the wave [A], which may continue during the day.
USD JPY, “US Dollar vs Japanese Yen”
It looks like yesterday the USD/JPY pair finished the diagonal triangle in the wave [c] and finished the entire wave 2 in the form of the zigzag. As a result, in the nearest future the market may form the ascending impulse in the wave [i].
More detailed structure is shown on the H1 chart. The pair finished the fifth wave in the diagonal triangle. To confirm a new growth, later the market has to form the ascending impulse in the wave (i).
AUD USD, “Australian Dollar vs US Dollar”
It’s highly likely that the AUD/USD pair is about to complete the wave [ii] in the form of the double zigzag. Earlier, the price finished the descending zigzag in the wave [i], which might be a part of the diagonal triangle in the wave 5. Consequently, in the nearest future the market may try to resume moving downwards.
As we can see at the H1 chart, the pair probably finished the bullish impulse in the wave c of (y). As a result, during the day the price may form the descending impulse in the wave i. In this case, the market will resume falling in the wave [iii] of 5.
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.