Analysis for March 5th, 2015
EUR USD, “Euro vs US Dollar”
Euro continues moving according to the forecast and forming a large descending impulse inside wave
(v) of [iii]. The market has already broken its local low at 1.1097 and in the nearest future is expected to stay below 1.1100.
After finishing a correction inside wave
ii of (v) in the form of
flat, the price has formed the first impulse
[1] of iii and another
flat inside wave
[2] of iii. Right now, the pair is forming a large descending impulse
[3] of iii. The market is expected to continue falling.
GBP USD, “Great Britain Pound vs US Dollar”
Pound continues falling inside a large descending wave
5 of (1). Right now, the pair is forming wave
[iii] of 5 of (1), which is extended. The price is expected to continue moving downwards.
After finishing wave
[ii] of 5 in the form of
expanded flat, the pair has formed the first wave
(i) of [iii] and a correction inside wave
(ii) of [iii]. Right now, the market is forming a large descending wave
(iii) of [iii] inside a larger impulse
(5) of (1).
USD JPY, “US Dollar vs Japanese Yen”
The structure of
horizontal triangle inside wave
(4) of [5] has been changed a bit. Probably, wave
E of (4) of this
triangle has taken the same form. In the nearest future, Yen is expected to form an ascending impulse
3 of (5) of [5].
So, after finishing a large
horizontal triangle inside wave
(4) of [5], the price has formed the first impulse
1 of (5) and a correction inside wave
2 of (5). In the nearest future, the pair is expected to continue growing inside wave
3 of (5). An alternative scenario (colored in gray) implies that wave 2 of (5) may take the form of
double zigzag.
USD CAD, “US Dollar vs Canadian Dollar”
The market is still moving inside a sideways channel, and it resulted in changing the chart structure a little bit. Probably, wave
E of (4) is taking the form of
horizontal triangle. In the nearest future, the price is expected to complete this pattern and continue growing inside wave
(5) of [3]. An alternative scenario (colored in gray) implies that wave
(4) of [3] is taking the form of
zigzag with
horizontal triangleB of (4) inside it.
It looks like the pair is still forming
horizontal triangle inside wave
(4) of [3]. In order to complete the pattern, the market need to form an ascending
zigzag[d] of E and a descending one
[e] of E.
RoboForex Analytical Department