Wave analysis of EURUSD, GBPUSD, USDJPY on April 10.
Apparently, yesterday's assumption was true, and we really see the beginning of a new upward trend on the market, after the zigzag with the wave (C) is completed. Most likely, in the next few hours the final part of the pulse (1) will be built, after which the market will start to move down in the correctional wave (2). To promote the downward movement in the correction (2) will be the report on the producer price index in the US for March. Because against the backdrop of rising raw material prices, positive data can be expected.
In accordance with the previous review, we saw an upturn in the market as part of an upward zigzag wave [Z]. It is likely that the final part of the bullish pulse (A) is being constructed, after which the correction (B) will begin to develop. In favour of the upswing in the next few hours, the positive dynamics of the oil market speaks, Brent and GBPUSD usually have a strong correlation. Then, the market may begin to decline in correction (B) against the backdrop of the negative dynamics of credit markets, where the yield differential of 10-year government bonds of the United Kingdom and the United States is declining, which is negative for the pound.
In accordance with the previous market survey, in the last section we saw the completion of the construction of the downward correction wave 2, after which the currency pair began to move in the bullish direction, forming the initial part of the pulse 3. It is likely that the price increase will be continued today, on the leading world stock markets there is an upward trend, which is positive for the pair, as it has a strong correlation with the stock markets.
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