Wave Analysis 07.04.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
07.04.2016
Forecast for April 7th, 2016
EUR USD, “Euro vs US Dollar”
In case of Eurodollar, the chart structure is becoming more and more complicated. Probably, the price is forming the double zigzag in the wave [y] of 2. On the minor wave level, probably, the market is forming the diagonal triangle in the wave c of (y). Consequently, in the nearest future the pair may continue moving sideways.
More detailed structure is shown on the H1 chart. After finishing the zigzagb with the triangle[B] inside it, the pair has resumed its growth. It’s highly likely that right now the market is completing the flat in the wave 2. If this assumption is correct, in the future the price may start moving upwards in the wave [3].
GBP USD, “Great Britain Pound vs US Dollar”
It’s highly likely that Pound is forming the descending extension in the wave [iii]. Earlier the price completed the wave 4 in the form of the zigzag and the bearish impulse in the wave [i]. In the nearest future, after finishing the local correction, the pair may resume its decline.
More detailed structure is shown on the H1 chart. It looks like after completing the wave [ii], Pound has formed the descending impulse in the wave (i). Probably, right now the market is forming a new correction in the form of the zigzag. On Thursday, the price may finish the wave b and then continue growing in the wave c of (ii).
USD JPY, “US Dollar vs Japanese Yen”
In case of Yen, the chart structure has been changed. Probably, the diagonal triangle in the wave [iv] turned out to be larger. At the moment, the price is forming the descending impulse in the wave [v] of C. On the minor wave level, the pair is completing the wave (v), so on Thursday we can expect a new ascending correction.
As we can see at the H1 chart, Yen is about to complete the third wave in the wave (v). Later, after finishing the local correction, the market may make the final descending movement in the wave v of (v), which may be followed by a reverse upwards.
AUD USD, “Australian Dollar vs US Dollar”
Probably, the market has finished the bullish impulse [с] in the flat4. On the minor wave level, Australian Dollar may has completed the wave (i). After finishing the local correction, the market may start falling in the third wave.
At the H1 chart, the wave (i) has taken the form of the wedge. In the nearest future, the pair may continue forming the wave (ii) in the form of the zigzag. Consequently, after finishing the wave b, the market may move upwards in the wave c of (ii).
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.