Analysis for March 17th, 2015
EUR USD, “Euro vs US Dollar”
The market continues forming a descending impulse (v) of [iii] with a double extension inside it. In the nearest future Euro is expected to continue falling and complete this whole structure.
Probably, the price has finished wave iv of (v) of [iii]. In the nearest future, the market is expected to reach a new local low and stay below 1.0450.
GBP USD, “Great Britain Pound vs US Dollar”
Pound is still forming a large descending impulse 5 of (1), which lacks one more five-wave descending structure inside it. In the near term, the pair is expected to continue falling and reach a new local low.
Most likely, the market has finished wave [iv] of 5 of (1) in the form of zigzag. In the nearest suture, the price is expected to continue moving downwards inside a descending channel.
USD JPY, “US Dollar vs Japanese Yen”
The price is moving sideways, so we have to change the structure of wave 4 of (5) of [5], which may be taking the form of horizontal triangle. In the nearest future, the market may continue growing and form wave5 of (5) of [5].
Most likely, the pair is forming a descending zigzag [e] of 4 of (5) inside horizontal triangle 4 of (5) of [5]. In the nearest future, the pair is expected to complete this whole structure and continue growing.
USD CAD, “US Dollar vs Canadian Dollar”
The structure of the current ascending impulse is quite unclear. One of the possible scenarios implies that the pair is forming running triangle inside wave 4 of (5) of [3], after which it may continue growing.
The correction inside wave 2 of (5) of [3] is quite complicated and long, that’s why we can say that the price is forming running triangle inside wave 4 of (5) of [3]. The pattern hasn’t been finished yet, but after it is, the market may start a new ascending movement inside wave 5 of (5) of [3].
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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