Wave Analysis 06.04.2017 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
EUR USD, “Euro vs US Dollar”
In case of the EUR/USD pair, the price is starting the correctional wave [ii]. Earlier, the pair finished the descending impulse in the wave [i]. Consequently, in the nearest future the market may start a new decline in the wave [iii].
At the M30 chart, after completing the diagonal triangle in the wave (v) of [i], the pair started a new correction. It looks like the wave [ii] is taking the form of the flat. During the day, the market may continue forming the bullish impulse in the wave (c) of [ii].
GBP USD, “Great Britain Pound vs US Dollar”
After completing the horizontal triangle in the wave (iv), the GBP/USD pair formed the bearish impulse in the wave i. As a result, after completing the wave ii, the price may start a new decline and form the impulse in the wave iii of (v).
As we can see at the H1 chart, the wave (C) of [2] is taking the form of the diagonal triangle. In the future, the market may rebound from the pattern’s upside border and start another decline 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 Thursday the market may break the low of the wave (a).
At the H1 chart, the pair is forming the descending impulse in the wave (c) of [y]. Yesterday, the price finished the wave ii and resumed moving downwards in the wave iii. In the nearest future, the market may continue falling.
AUD USD, “Australian Dollar vs US Dollar”
The AUD/USD pair is still falling in the wave (iii). Earlier, after forming the horizontal triangle in the wave 4, the price started moving downwards in the wave (i). During the next several days, the market may continue falling.
More detailed structure is shown on the H1 chart. After completing the zigzag in wave (ii), the pair formed the descending impulse in the wave i. In the future, 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.