Wave analysis of EURUSD, GBPUSD, AUDUSD on March 01.
The construction of the descending impulse wave C of (4) continues, within the framework of which we see the development of the wave [v]. The current wave [v] does not look formed, so today it is possible to continue the decline. In favour of the decline, the situation on the debt market, where the profit differential of the 10-year government bonds of Germany and the US is declining, also speaks. In addition, in the American trading session, you can expect the release of positive statistics from the US on business activity in the manufacturing sector. Thus, it is unlikely that today there will be a reversal of the currency pair. The beginning of a new uptrend is possible only by the end of the trading day.
The market continues to move in a downward direction, forming a zigzag [z], inside of which we see the development of momentum (c). Most likely, today the decline within this downward wave will continue. In addition, the yield of 10-year government bonds in the UK declines relative to its counterparts from the US and Germany, which is a negative factor for the Pound. And, as noted earlier, today in the states expected to yield positive statistics on the ISM index, which also will play into the hands of the bears. In connection with these factors, in the current situation, it is possible to open short positions.
The currency pair continues to form a downward double zigzag (w) - (x) - (y). At the moment, the final part of this wave is developing. Most likely, today we will see a decline in the market. In addition, the movement of this currency pair will affect the publication of macroeconomic statistics from the US in the American trading session, which also may contribute to a decline. Thus, to consider the opening of long positions today is still early, because the market can move in a descending direction even the whole day.
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