Wave Analysis 24.03.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
24.03.2016
Forecast for March 24th, 2016
EUR USD, “Euro vs US Dollar”
Possibly, Eurodollar has completed the bearish impulse in the wave [i]. Probably, earlier the pair finished the horizontal triangle in the wave (B). Consequently, in the nearest future the market may start forming a new local correction inside wave [ii].
More detailed structure is shown on the H1 chart. It’s highly likely that the price has completed the fifth wave in the wave [i]. The correction may continue for the entire Thursday, and then the market may resume moving downwards in the wave [iii].
GBP USD, “Great Britain Pound vs US Dollar”
After completing the wave 4 in the form of the zigzag, Pound is attempting to resume its descending movement. It looks like the pair has already formed the bearish impulse in the wave [i]. In the future, after completing the local correction, the market may continue moving downwards.
As we can see at the H1 chart, the pair has completed the wave [i]. Consequently, on Thursday the price may move upwards in the wave (a) of the correctional wave [ii].
USD JPY, “US Dollar vs Japanese Yen”
After finishing the horizontal triangle in the wave [iv], Yen has resumed its descending movement. While forming the wave [v], the market has broken the minimum of the wave [iii]. After completing the local correction, the price may resume moving downwards.
As we can see at the H1 chart, the wave (e) took the form of the horizontal triangle and was followed by the wave (i). After finishing the correction, the pair may resume its decline in the wave (iii) of [v].
AUD USD, “Australian Dollar vs US Dollar”
Probably, Australian Dollar has finished the wave 4 in the form of the zigzag. On the minor wave level, the pair completed the ascending impulse in the wave [c]. During the next several days, the price may fall and form the descending impulse.
As we can see at the H1 chart, the pair may have completed the impulse in the wave (iii), so the correction may take place during the day. Later, after finishing the fourth wave, the market may resume falling in the wave (v) of [i].
RoboForex Analytical Department
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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.