Wave analysis of EURUSD, GBPUSD, USDJPY on November 8.
Wave analysis is one of the most powerful tools for market analysis out of those that are available today. Its main characteristic is the fact that it analyses the behavior of exchange rates on charts of any scale or timeframe, ranging from minute to monthly. In this review, we will analyze the current situation on the main currency pairs from the point of view of wave analysis, as well as forecast the possible direction of their price movement.
The correction wave (B) continues to be constructed within the zigzag (A) - (B) - (C). There is a high probability that in the near future, we may see the rise of the currency pair in the wave C of (B) in the direction of the level 1.169. However, any trading decisions should be made very cautiously, because there exists an alternative descending scenario, according to which the market will continue to decline in the direction of the lower channel wall in the very near future.
Most likely, the construction of a local upward correction wave B is nearing its completion. It is assumed that after its completion, we will see the formation of a new downward impulse C, within which the currency pair will fall to the lower border of its channel.
In accordance with the previous review, we saw a price reduction within the framework of the corrective wave (b) of [v]. Most likely, today its development will be fully completed, and after that we will see a small growth of the market in wave (c) of [v]. Thus, in the vicinity of level 113.56, it is possible to open long positions in order to take motion in wave (c).
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Care: These reviews are a private opinion of ARUM CAPITAL and are provided for information only. In no way can the provided analysis be considered as an action signal, neither is it any sort of investment advice (for the purposes of EU Directive 2004/39/EC). ARUM CAPITAL waives any liability for the trading results which may arise after using these reviews. These materials contain NO warranties or guarantees, either direct or implicit, on the precise, complete or confirmed character of the details they contain.