Wave Analysis 21.03.2017 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
EUR USD, “Euro vs US Dollar”
The EUR/USD pair is still moving upwards, which means that it may yet continue forming the wave 2. As we can see at the daily chart, earlier the price completed the descending impulse in the wave 1. To confirm a new decline, the market has to form the descending impulse in the wave 3 of (C).
At the H4 chart, the pair is forming the double zigzag in the wave 2. On a shorter timeframe, the price is forming the bullish impulse in the wave (c) of [y]. As a result, in the nearest future the market may continue moving upwards.
GBP USD, “Great Britain Pound vs US Dollar”
In case of the GBP/USD pair, the chart structure was changed. Possibly, the price is still forming the horizontal triangle in the wave (iv). During the next several days, the market may complete the wave e and test the pattern’s upside border.
More detailed structure is shown on the H1 chart. the wave e is taking the form of the zigzag. Consequently, on Tuesday the pair may continue forming the bullish impulse in the wave [C].
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. On a shorter timeframe, the market may form the wave (b), which may later be followed by a new descending movement.
As we can see at the H1 chart, the pair completed the bearish impulse in the wave (a). Consequently, in the nearest future the market may start forming the ascending correctional wave (b), which may take the form of the zigzag.
AUD USD, “Australian Dollar vs US Dollar”
The AUD/USD pair reached a new high again. The price probably formed the zigzag[e] of 4 inside the horizontal triangle. As a result, during the next several days the market may form the bearish impulse in the wave (i).
More detailed structure is shown on the H1 chart. It’s highly likely that the pair is about to complete the wave v of (c). Consequently, in the nearest future the market may resume moving downwards.
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.