Wave analysis of EURUSD, GBPUSD, USDJPY on April 12.
As expected, the market formed an upward impulse wave 5 of (1), after which we saw a decline in the downward correction. Most likely, the wave (2) is being built, which will be completed soon, and after that we will see the continued rise of the currency pair. In favour of this is the situation in the credit markets, where there is an increase in the yield of 10-year government bonds of Germany in relation to their counterparts from the United States and Great Britain. We also observe the growth of gold and oil, which is also negative for the dollar, as raw materials are quoted in US currency.
The market continues to move within the upward trend, which takes the form of a zigzag. Most likely, a correctional wave (B) is now forming, after its completion, the growth will continue. Moreover, it is very likely that the development of a downward correction will be completed in the very near future. The situation in the Middle East contributes to the rise of the market, because the price for Brent crude oil is on the increase, and the oil of this brand and GBPUSD correlate rather strongly.
Due to the fact that in the previous two trading days we saw a lateral trend, it became clear that the non-corrective wave 2 is being formed, and, apparently, we see not the initial part of a large uptrend. It is more likely that the market moves within the triple zigzag. And after the completion of the wave [X], the growth of quotations will continue in the wave [Z]. The situation in Syria also has a direct bearing on the value of quotations of this currency pair. Because Stock markets have a direct impact on USDJPY.
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