Wave analysis of EURUSD, GBPUSD, AUDUSD on January 17.
As expected, a downward corrective wave 4 was formed, after which we saw a sharp upward momentum 5, which updated the previous high. It is very likely that the entire upward trend is complete, and in the last sector we see the beginning of a major bearish correction. Also, positive macroeconomic statistics from the United States speaks in favour of the decline, because we can expect positive data on industrial production (14:15 GMT Time), due to the increase in capacity utilization in December and the growth of factory orders.
After the completion of the construction of a small downward correction wave [iv], exactly in accordance with the forecast, we saw the final bullish pulse [v], which updated the previous high. It is very likely that the entire rising wave of 5 is totally completed, and in the last section we see the beginning of a downward correction. In favour of the fact that we will see a corrective movement in the Southern direction, the negative dynamics of the oil market says. Thus, to open long positions is no longer worth it.
The currency pair formed a beautiful and completed upward momentum (v), as expected. Most likely, the entire wave A is currently fully completed. In the last section, we see the beginning of a new major downward correction wave B. Thus, there is a high probability that in the coming trading days we will see a decline. Open long positions in the calculation of price growth in the current situation is rather risky.
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