Wave Analysis 03.04.2017 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
EUR USD, “Euro vs US Dollar”
The EUR/USD pair is about to finish the descending impulse in the wave [i]. Earlier, the price completed the wave 2 in the form of the double zigzag. Consequently, in the nearest future the market may start a new local ascending correction in the wave [ii].
More detailed structure is shown on the M30 chart. It’s highly likely that the pair is forming the wave ii of (v) in the wave [i]. As a result, in the nearest future the market may resume falling in the wave iii of (v).
GBP USD, “Great Britain Pound vs US Dollar”
Probably, the GBP/USD pair formed the horizontal triangle in the wave (iv). After finishing the local correction, the price may start a new decline in the wave iii of (v).
As we can see at the H1 chart, the wave ii is taking the form of the zigzag. On a shorter timeframe, the price is forming the wave [C] of ii in the form of the diagonal triangle. After rebounding from the pattern’s upside border, the market may start the wave [1] of iii.
USD JPY, “US Dollar vs Japanese Yen”
The USD/JPY pair continues forming the wave 2, which is taking the form of the double zigzag. Right now, the price is forming the wave [y] of 2. Consequently, later the market may form another descending impulse, this time in the wave (c) of [y].
As we can see at the H1 chart, the pair complete the wave (b) in the form of the zigzag and then formed the bearish impulse in the wave i. After finishing the wave ii, the market may resume moving downwards.
AUD USD, “Australian Dollar vs US Dollar”
After rebounding from the upside border of the horizontal triangle4, the AUD/USD pair formed the bearish wave (i) along with the wave (ii). As a result, during the next several days the market may continue falling and reach several new lows.
At the H1 chart, the pair completed the descending wedge in the wave (i) and the correctional wave (ii) in the form of the zigzag. Consequently, in the nearest future the market may continue falling in the wave i of (iii).
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.