Analysis for March 16th, 2015
EUR USD, “Euro vs US Dollar”
The market continues forming a large descending impulse inside wave (v) of [iii]. Most likely, in the nearest future Euro may form a horizontal correction inside wave iv of (v) of [iii].
I’ve turned to a more bearish scenario, which implies that the price is forming a double extension inside waveiii of (v) of [iii]. In the nearest future, the market is expected to form a correction inside wave iv of (v) of [iii].
GBP USD, “Great Britain Pound vs US Dollar”
Pound has almost finished wave [iii] of 5 of (1). In the near term, the pair is expected to reach a new local low and start a correction inside wave [iv] of 5 of (1).
In order to complete wave [iii] of 5 of (1), the price needs to reach a new local low. Later, the pair may start a sideways correction onside wave (iv) of [iii] of 5.
USD JPY, “US Dollar vs Japanese Yen”
Most likely, Yen has finished wave 4 of (5) of [5] and in the nearest future may continue growing and form wave 5 of (5) of [5]. At the same time, if the price continues moving sideways, wave 4 of (5) of [5] may transform into horizontal triangle.
Probably, the pair has already completed waves [i] and [ii] of a larger wave 5 of (5) of [5]. In the nearest future, the pair is expected to continue growing.
USD CAD, “US Dollar vs Canadian Dollar”
It looks like an impulse inside wave 5 of (5) of [3] has been completely formed and reached a multi-month low. Nevertheless, most likely the price hasn’t finished its ascending movement and in the nearest future may continue growing.
Most likely, the market hasn’t finished wave 5 of (5) of [3] yet and in the nearest future may reach a new local high, at least one.
RoboForex Analytical Department
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
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