Wave analysis of EURUSD, GBPUSD, USDJPY on March 16.
According to the previous review, the market has moved downward in the last trading day. Most likely, the development of a pulsed wave (C) began. If the assumption is true, today the decline will continue. In favour of this scenario says the dynamics of credit markets, where the yield of 10-year government bonds in Germany declines relative to its counterparts from the United States and Britain. It should be noted that today important macroeconomic statistics will be published in the US. At 12:30 GMT Time we will see data on the number of new foundation pads for February, and at 12:15 the report on the change in the volume of industrial production for the same month will be published. Most likely, this news will have an impact on the market.
For the previous trading day, a downward corrective wave (B) was built. It is likely that at the moment it is fully completed, so in the near future, the price may rise in momentum (C). Support this scenario can the dynamics of the oil market, where investors ignored the negative data on oil reserves and production in the US, so we can see the rise in quotes Brent. And since there is a strong correlation of oil and GBPUSD, we can see growth on this currency pair.
It is very likely that over the previous trading day the market continued building the corrective wave of the X-bundle. Today, the price may well start to move in an upward direction, forming another bullish zigzag Z. And since the currency pair has a strong correlation with the S&P 500 index, which is set to rise in the near future time, bullish scenario is of particular relevance.
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