Analysis for March 6th, 2015
EUR USD, “Euro vs US Dollar”
Euro is still forming a large descending impulse inside wave
(v) of [iii]. In the nearest future, the market is expected to continue falling and stay below 1.1100.
Probably, the price is about to finished (or has already finished) wave
[3] of iii and expected to start a correction inside wave
[4] of iii. The main trend is still bearish; one can try to sell during local pullbacks.
GBP USD, “Great Britain Pound vs US Dollar”
Pound continues forming a large descending wave
5 of (1). Right now, the pair is forming wave
[iii] of 5 of (1), which is, probably, extended. The price is expected to continue moving downwards.
The price is about to finish (or has already finished) wave
(iii) of [iii] and later expected in to form a local pullback inside wave
(iv) of [iii]. In the nearest future, probably, the pair may continue falling inside
[iii] of (5) of (1).
USD JPY, “US Dollar vs Japanese Yen”
The price is still moving above 120.00 inside a large ascending impulse
3 of (5) of [5]. In the near term, the pair is expected to form wave
[i] of 3 inside a large
extension inside wave
3 of (5) of [5].
Most likely, Yen is finishing impulse
[i] of 3 of (5) inside a large
extended wave
3 of (5) of [5] and later expected to form a local correction inside wave
[ii] of 3 of (5). The critical level is at 119.36 – if the market breaks it, the current scenario will be cancelled.
USD CAD, “US Dollar vs Canadian Dollar”
The market is still forming
horizontal triangle inside wave
(4) of [3], wave
E of (4) of which is taking the form of
horizontal triangle as well. In the nearest future, the price is expected to start growing inside wave
(5) of [3].
The pair is expected to complete an ascending
zigzag[d] of E and a local descending one
[e] of E. In the nearest future, the market may finish the whole correctional structure inside wave
(4) of [3] and start growing towards 1.2850 – 1.2900.
RoboForex Analytical Department