Wave Analysis 09.03.2017 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
EUR USD, “Euro vs US Dollar”
Probably, the EUR/USD pair formed the wedge in the wave [i] and then the bullish impulse in the wave (a) along with the wave (b). In the nearest future, the market may form another ascending impulse, this time in the wave (c) of [ii].
More detailed structure is shown on the H1 chart. Probably, the pair completed the wave (b) in the form of the zigzag. As a result, soon the market may start forming in the wave (c) and break the high of the wave (a) of [ii].
GBP USD, “Great Britain Pound vs US Dollar”
It looks like the GBP/USD pair finished the triangle in the wave (iv) and right now is about to complete the descending impulse in the wave i of (v). Consequently, in the nearest future the market may be corrected, but later it is expected to start another decline in the wave iii.
More detailed structure is shown on the H1 chart. Probably, the pair is about to complete the wave [5] of i and may soon start an ascending correction in the wave ii of (v).
USD JPY, “US Dollar vs Japanese Yen”
The USD/JPY pair broke the local high. It looks like after finishing the flat in the wave (ii), the price is starting a new decline in the wave iii of [iii]. On Thursday, the market may continue growing.
As we can see at the H1 chart, the pair is forming the third wave in the wave (iii). As a result, in the nearest future the market may continue growing and reach new highs. Moreover, the price may extend the wave iii.
AUD USD, “Australian Dollar vs US Dollar”
The AUD/USD pair rebounded from the upside border of the horizontal triangle and right now is about to complete the descending impulse in the wave (i). Consequently, in the future the market may start the ascending correction in the wave (ii).
As we can see at the H1 chart, the pair is completing the bearish impulse in the wave v of (i). Earlier, the price formed the diagonal triangle in the wave (c) of [e]. As a result, in the nearest future the market may start a short-term ascending correction.
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.