Wave analysis of EURUSD, GBPUSD, AUDUSD on March 06.
For the previous trading day, a small downward correction wave 2 was built, which at the moment looks completely finished. It is likely that the formation of an upward impulse wave 3 has already begun, thus, in the near future, a rise in the currency pair is possible. Given that today is not expected to important macroeconomic statistics, the market is expected to smooth movements without sharp jerks.
Over the previous trading day, the market formed an upward correction wave 4, after which the market may well begin to move in a bearish direction within the impulse wave 5. Given the fact that important macroeconomic statistics are not expected today, a smooth decline may begin in the very near future. However, if the market does not start moving downwards in the evening, then the current scenario will be cancelled.
The currency pair continues to form a downward zigzag wave (y), within which we see the development of an upward correction B. It is very likely that at the moment wave B is close to its end, so today it is possible to continue the downward trend of C. Given that today in Australia comes out a series of important news, we can see a fairly sharp decline in the currency pair. The most important news will be published at 8:30 GMT Time.
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