Wave Analysis 29.03.2017 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
EUR USD, “Euro vs US Dollar”
It’s highly likely that the EUR/USD pair completed the bullish impulse in the wave (c) of [y] and the entire wave 2 in the form of the double zigzag. As a result, in the nearest future the market has to form the bearish impulse in the wave i in order to confirm a new decline.
More detailed structure is shown on the M30 chart. The pair finished is about to finish the fifth wave in the wave i. Consequently, later the market may start a local ascending correction.
GBP USD, “Great Britain Pound vs US Dollar”
Probably, the GBP/USD pair completed the horizontal triangle in the wave (iv), rebounded from the pattern’s upside border, and started falling fast. After finishing the local correction, the price may start a new decline in the wave iii.
At the H1 chart, the fifth wave in the wave [C] of e turned out to be truncated and was followed by the bearish impulse in the wave i. Consequently, later the price may start forming the correctional wave ii.
USD JPY, “US Dollar vs Japanese Yen”
At the H4 chart, the USD/JPY pair completed the descending impulse (a) and started the ascending correction. In the future, the market may form another bearish impulse, this time in the wave (c) of [y].
As we can see at the H1 chart, after finishing the wave v of (a), the pair started the current correction. Possibly, the wave (b) is taking the form of the zigzag. Consequently, on Wednesday the market may form the ascending impulse in the wave a of (b).
AUD USD, “Australian Dollar vs US Dollar”
After rebounding from the upside border of the horizontal triangle, the AUD/USD pair formed the descending impulse in the wave (i). As a result, after finishing the wave (ii), the market may resume falling.
At the H1 chart, the pair formed the descending wedge in the wave (i) and, as a result, started the ascending correction. On Wednesday, the price may be corrected in the wave (ii), but later the market is expected to form another bearish impulse in the wave (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.