Wave Analysis 04.04.2017 (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, soon the market may start a new local correction in the wave [ii].
At the M30 chart, the pair is probably forming the diagonal triangle in the wave (v) of [i]. If later the price rebounds from the pattern’s downside border, the market may start a new ascending correction.
GBP USD, “Great Britain Pound vs US Dollar”
After rebounding from the upside border of the horizontal triangle, the GBP/USD pair formed the descending impulse in the wave i. Yesterday, the price completed the wave ii and may soon start a new decline and form the bearish impulse in the wave iii.
As we can see at the H1 chart, the wave ii took the form of the zigzag and was followed by the descending impulse in the wave [1]. Possibly, later the price may form the descending extension in the wave [3] of iii.
USD JPY, “US Dollar vs Japanese Yen”
In case of the USD/JPY pair, the price continues forming the wave 2, which is taking the form of the double zigzag. Right now, the price is forming the descending impulse in the wave (c) of [y]. As a result, on Tuesday the market may break the low of the wave (a).
More detailed structure is shown on the H1 chart. It looks like the pair is about to complete the third wave in the wave (c). Consequently, in the nearest future the market may start a local correction in the wave iv of (c).
AUD USD, “Australian Dollar vs US Dollar”
After completing the horizontal triangle in the wave 4, the AUD/USD pair broke the low of the wave (i), which means that it resumed falling. As a result, in the nearest future the market may continue falling in the wave (iii).
As we can see at the H1 chart, the pair completed the wave (ii) in the form of the zigzag and right now is probably forming the extension in the wave (iii). In this case, later the market is expected to continue falling in the wave iii 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.