Wave Analysis 20.04.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
20.04.2016
Forecast for April 20th, 2016
EUR USD, “Euro vs US Dollar”
It looks like Eurodollar is about to complete the wave ii. Earlier, after finishing the diagonal triangle in the wave c of (y), the price formed the descending impulse in the wave i. Consequently, in the nearest future the market may start falling in the wave iii.
As we can see at the H1 chart, the wave ii is taking the form of the double zigzag. On the minor wave level, yesterday the price completed the wave [Y]. On Wednesday, the pair may continue falling in the wave [1] and reach new local lows.
GBP USD, “Great Britain Pound vs US Dollar”
The structure of the H4 chart has been changed. It looks like Pound formed the divergent horizontal triangle[b] inside the zigzag4. Later, the price finished the wedge in the wave [i] and the correctional double zigzag in the wave [ii]. Consequently, in the nearest future the market may start falling in the wave (i) of [iii].
More detailed structure of the double zigzag[ii] is shown on the H1 chart. Probably, yesterday the price finished the ascending impulse in the wave c of (y). In the nearest future, the market may start forming the bearish impulse in the wave i.
USD JPY, “US Dollar vs Japanese Yen”
It’s highly likely that Yen has finished the wave (ii), which was quite fast. Probably, the price is starting a new growth in the wave (iii). Consequently, in the nearest future the market may break the maximum of the wave (i).
As we can see at the H1 chart, the wave (ii) took the form of the zigzag. Later, the pair formed the bullish impulse in the wave I and the correction in the wave ii. In the nearest future, the market may start a new ascending movement in the wave iii of (iii).
AUD USD, “Australian Dollar vs US Dollar”
It looks like Australian Dollar may yet continue forming the ascending impulse. The wave (v) of [с] is taking the form of the diagonal triangle. After finishing this pattern, the market may start falling in the wave (i).
More detailed structure of the diagonal triangle(v) of [c] is shown on the H1 chart. It’s highly likely that on Wednesday the market may be corrected downwards in the wave iv. Later, the price is expected to grow towards the pattern’s upside border while forming the wave v of (v).
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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.