Wave analysis of EURUSD, GBPUSD, AUDUSD on January 16.
The market continues to form an upward impulse wave (v) as part of the second leg of the zigzag [C]. It is very likely that the development of the correctional wave 4 has already begun and the market will spend the entire day within the framework of the side flat. However, it should be noted that the uptrend is unlikely to be completed, therefore, consideration of the opening of short positions is highly discouraged.
Most likely, the development of an upward impulse wave [iii] was completed, and in the last section we saw the beginning of the formation of a new correctional wave [iv]. Very often, the fourth wave takes the form of a side flat, thus, today the probability of lateral movement is high. And taking into account the positive dynamics of the labor market and the growth of energy prices, we can expect the output of the final data on inflation at the level of the median of forecasts, which may also provoke lateral movement.
The currency pair continues to move within the framework of an upward impulse wave (v). Most likely, today the market will move up a little more within the momentum 3, after which a small correction 4 will be built, then the growth will continue. Thus, so far there are no signs of a change or completion of an upward trend.
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