Wave analysis of EURUSD, GBPUSD, AUDUSD on January 11.
As expected, we saw an upward correction in EURUSD, which became a wave of B. However, at the moment, apparently, the decline continues. The yield differential of 10-year bonds of Germany and the United States is now at a minimum for the last half-year, which indicates a negative dynamics for the euro. Also, at 13:30 GMT time the producer price index will be published for December, where one can expect positive data against the backdrop of growth in commodity assets, which could lead to strengthening of the dollar and a downward trend in the market.
It is possible that in the second half of the day this wave will be totally completed, and we will see the beginning of a new upward impulse wave 5. However, it should be borne in mind that the market today can move in a flattened form, so, we see a clear confrontation between bulls and bears. The positive dynamics of the oil market, with which the pair correlates the bulls, however, as noted earlier, today we can expect the release of positive macroeconomic statistics from the US, which could lead to a strengthening of the dollar. Thus, today is a fairly controversial day, and the currency pair may continue to form a side flat if the development of bullish momentum 5 does not begin.
Precisely in accordance with the forecast, the development of the downward corrective wave (iv) was completed, after which the formation of a new bullish impulse wave (v) began. Most likely, today the rise of the currency pair will continue. judging by the shape and magnitude of the wave (v), it is not yet complete. Thus, it seems that bulls dominate the market today.
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