Wave Analysis 10.03.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
10.03.2016
Forecast for March 10th, 2016
EUR USD, “Euro vs US Dollar”
Eurodollar is still being corrected. It looks like the wave [ii] is taking the form of the zigzag. Later, after completing the local correction, the pair may continue moving upwards while forming the wave (c) of [ii].
More detailed structure is shown on the H1 chart. Probably, the wave (b) is taking the form of the horizontal triangle with the wave e inside it. It’s highly likely that during the day the pair may resume its growth in the wave (c) of [ii].
GBP USD, “Great Britain Pound vs US Dollar”
After completing the extension in the wave 3, Pound has started a new correction. Earlier, the pair finished the ascending impulse in the wave [a]. Probably, the pair is about to complete the local correction, which means that in the nearest future the market may start growing in the wave [c] of 4.
As we can see at the H1 chart, the wave [b] is taking the form of the horizontal triangle. On the minor wave level, Pound is finishing the wave (e). In the nearest future, the market may resume its growth in the wave [c].
USD JPY, “US Dollar vs Japanese Yen”
Probably, Yen is forming the horizontal triangle [iv] in the wave C. Probably, in the nearest future the market may continue forming the current flat pattern, but later it is expected to resume its descending movement in the wave [v] of C.
At the H1 chart, Yen is forming the wave (e) in the triangle; right now, the pair is forming the impulse c of this wave. It’s highly likely that the current flat pattern may continue in the future. If the price rebounds from the pattern’s upper border, the market may resume its descending movement.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar is still forming the ascending wave 4. On the minor wave level, the price is forming the impulse (c) of [y]. Possibly, one of these days the pair may complete the bullish impulse and resume falling.
At the H1 chart, the pair is about to finish the wave (c) of [y]. On the minor wave level, Australian Dollar is finishing the wave [2]. Later, the price may start growing in the third wave and break the maximum of the wave [1].
RoboForex Analytical Department
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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.