EUR USD, “Euro vs US Dollar”
It is likely that the current correction may take more time than expected. Besides the scenario with thehorizontal triangle in the wave 4, Eurodollar may form the double three (see the chart). In this case, in the nearest future, the pair may form the wave [x] and then we can expect a local growth in the wave [y] of 4. More detailed structure is shown on the H1 chart. After finishing the zigzag in the wave [w], the pair has started a new correction. On Monday, the price continue falling in the wave (c) of [x].
GBP USD, “Great Britain Pound vs US Dollar”
The fast ascending movement made by Pound last Friday has completely changed the chart structure. It looks like the price is still forming the wave [ii]. After being corrected for a while in the wave (b), the pair may continue forming the impulse in the wave (c) of [ii]. At the H1 chart, Pound has formed the ascending wedge in the wave (a). It’s highly likely that the price has started falling in the wave a of (b), which may continue on Monday. After completing the local correction in the wave b, the pair may form another bullish impulse, this time in the wave c of (b).
USD JPY, “US Dollar vs Japanese Yen”
At the end of the last week, Yen finished the descending impulse in the wave (i). Consequently, in the nearest future the pair may be corrected. On the higher wave level, probably the market is forming the double three; right now, the price is falling in the wave Y. More detailed structure of the descending impulse in the wave (i) is shown on the H1 chart. Last Friday, the price formed the fifth wave of this impulse. On Monday, the market may be corrected in the wave (iii).
AUD USD, “Australian Dollar vs US Dollar”
In case of Australian Dollar, the chart structure remains the same. Earlier, the price finished the double threein the wave 4, the descending impulse in the wave (i), and the local correction in the form of the flat. Later, the price may continue forming the bearish wave (iii). As we can see at the H1 chart, the market has finished the impulse in the wave i of (iii). On Monday, we can expect the local correction, which may be followed by a further decline in the wave iii.
RoboForex Analytical Department