Wave Analysis 12.04.2017 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
EUR USD, “Euro vs US Dollar”
Probably, the EUR/USD pair is forming the third wave in the extended wave [iii]. Earlier, the price finished the double zigzag in the wave 2. As a result, in the nearest future the market may continue falling.
As we can see at the H1 chart, the pair possibly completed the zigzag(ii) with the double threeb inside it. Consequently, during the next several days the market may continue moving downwards in the wave (iii) of [iii].
GBP USD, “Great Britain Pound vs US Dollar”
Probably, the wave i of (v) is taking the form of the descending wedge. Earlier, the GBP/USD pair completed the horizontal triangle in the wave (iv). As a result, later the price is expected to continue moving downwards to reach the pattern’s downside border.
As we can see at the H1 chart, the pair is forming the fourth wave of the wedge. In the future, after completing the local correction, the price may resume falling in the wave [5] of i.
USD JPY, “US Dollar vs Japanese Yen”
It’s highly likely that the USD/JPY pair is still forming the wave [y] of 2. Earlier, the price completed the descending impulse in the wave (a). Later, the market may resume moving downwards and form the bearish impulse in the wave (c) of [y].
At the H1 chart, the pair is about to finish the third wave in the wave (c). on Wednesday, the price may reach a new low and complete wave iii, which may be followed by the bullish correction in the wave iv.
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. The wave iv took the form of the horizontal triangle, which means that the pair may continue moving downwards. Consequently, in the nearest future the market may the descending impulse in the wave v 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.