Wave Analysis 01.03.2017 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
EUR USD, “Euro vs US Dollar”
The EUR/USD pair is still forming the extension in the wave [iii]. Earlier, after finishing the wave 2, the price completed the descending impulse in the wave [i]. It’s highly likely that in the nearest future the market may continue moving downwards.
More detailed structure is shown on the H1 chart. The wave (ii) took the form of the zigzag. Consequently, during the next several days the pair may continue forming the third wave in the wave (iii).
GBP USD, “Great Britain Pound vs US Dollar”
The GBP/USD pair continues forming the wave (b) or (x), which is taking the form of the double three. Earlier, the price completed the ascending zigzag in the wave (a) or (w). As a result, on Wednesday the market may continue falling in the wave y.
As we can see at the H1 chart, the wave y is taking the form of the zigzag. Earlier, the price completed the double three in the wave x. Later, the market is expected to continue falling in the wave [C] of y.
USD JPY, “US Dollar vs Japanese Yen”
Yesterday, the USD/JPY pair completed the wave [ii]. Earlier, the price finished the ascending impulse in the wave [i]. Consequently, during the next several days the market may continue growing to reach the high of the wave [ii].
As we can see at the H1 chart, yesterday the pair completed the impulse in the wave (c) of the zigzag[ii]. Probably, right now the price is about to finish the bullish wave (i). As a result, in the nearest future the market may start a new descending correction.
AUD USD, “Australian Dollar vs US Dollar”
After finishing the diagonal triangle in the wave (c) of [ii], the AUD/USD pair is trying to resume falling. Consequently, in the nearest future the market may form the descending impulse in the wave (a) of [iii].
More detailed structure is shown on the H1 chart. Possibly, the pair completed the flat in the wave ii and, as a result, may start moving downwards in the wave iii of (a).
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.