Wave Analysis 12.03.2015 (EUR/USD, GBP/USD, USD/JPY, USD/CAD)
12.03.2015
Analysis for March 12th, 2015
EUR USD, “Euro vs US Dollar”
Euro is about to finish a long extension inside wave iii of (v) of [iii], the price needs one more local low to complete it. One is also recommended to pay attention to an alternative scenario (colored in gray), which implies that the market has finished falling inside wave (v) of [iii] and may start quite a large correction.
So, probably wave [3] of iii of (v) has been completed and in the nearest future the market is expected to start a correction inside wave [4] of iii of (v).
GBP USD, “Great Britain Pound vs US Dollar”
Most likely, Pound has already finished a large descending impulse 5 of (1). According to wave analysis, this descending movement has met all the requirements. In the nearest future, the price may start a large correction inside wave A of (2).
Just as we expected, after finishing horizontal triangle and leaving it downwards, the pair has reached a new local low. Most likely, the current descending movement has been completed and right now the market is expected to start a large ascending zigzag inside wave (2).
USD JPY, “US Dollar vs Japanese Yen”
Yen needs one more five-wave structure in order to complete wave (5) of [5]. The price is moving sideways inside wave 4 of (5) of [5]. In the nearest future, the market is expected to finish the current correction and start a new ascending movement.
Probably, wave 4 of (5) of [5] may take the form of horizontal triangle. In the future, the pair is expected to finish this pattern and start growing inside wave 5 of (5) of [5].
USD CAD, “US Dollar vs Canadian Dollar”
It looks like the pair is still forming an ascending impulse 3 of (5) of [3]. In the near term, the price is expected to continue moving upwards.
Right now, the market is forming an ascending impulse 3 of (5) of [3]. The internal structure of this wave isn’t quite clear yet, but the pair is still expected to grow.
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.