Wave analysis of EURUSD, GBPUSD, AUDUSD on March 07.
In accordance with the previous review, after the completion of the development of a small correction wave 2, we saw the construction of a new upward momentum 3. Moreover, the market moves within the framework of this wave quite rapidly, which is typical for the third wave. The euro exchange rate is positively affected by the dynamics of credit markets, the yield of 10-year government bonds of Germany is growing relative to its counterparts and the United States. Also, today we should pay attention to macroeconomic statistics. At 17:15 GMT Time in the US will be published data on the change in the number of employees from ADP, and at 19:30 we will see data on crude oil reserves from the Ministry of Energy. Most likely, this news will have an impact on the market and the price movement will temporarily accelerate.
We see a price increase in the last section. Most likely, there is a development of the initial part of the upward momentum 5. If the assumption is true, then in the coming trading days the rise of the currency pair will continue. Similarly, the British currency may show growth against the backdrop of disagreements in the US government. investors do not like when there is instability in political circles and prefer to sell assets. Thus, in the current situation, it is possible to open long positions.
Judging by the shape of the last section, the downward corrective wave B was totally completed. Now we see the development of the initial part of the large upward momentum of C. Thus, in the coming days, the growth of the currency pair is possible. And given the fact that we see the beginning of a new uptrend, a fairly large bullish price spurt is possible.
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