Wave analysis of EURUSD, GBPUSD, USDJPY on April 13.
Apparently, the market formed in the previous trading day downward correction wave (2). Now it may well be totally completed. If this is the case, then in the near future we will see the beginning of a new uptrend (3). Most likely, the first part of this trend was already built, a small upward impulse. After that, we saw a lateral correction, after which the growth of the market is possible. Today, you should pay attention to the publication at 14:00 in the US consumer sentiment index from the University of Michigan in April.
GBPUSD peaked in almost two years. Yesterday, the development of a small downward corrective wave (B) was completed, as expected. Immediately after that, the market continued to move in an upward direction within the bullish momentum. Most likely, the price rise in the near future will continue. In favour of this is the situation in the credit markets, where the yield of 10-year UK government bonds is growing relative to its counterparts from the US and Germany, which is a positive factor for the British currency. Secondly, due to the rapid rise of the black gold market, GBPUSD also can be expected to grow, due to a strong correlation of these two instruments.
According to the previous review, the construction of a side correctional wave [X] was completed in accordance with the previous review, after which the market continued to grow within the final part of the upward triple zigzag [Z]. Thus, in the next trading day, most likely, bulls will dominate. An upward trend in the stock markets also contributes to the growth of the currency pair, as the pair has a strong correlation with them.
Do you want to practice and test the analyst's assumptions? Open a demo account in ARUM Capital!
If you are confident in your abilities and consider the risks, you can open a real account for trading.
|Open a demo account||Open a real account|
Care. The provided market analysis materials are a professional opinion of an associate of ARUM CAPITAL. These materials are provided for infomation purposes 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.