Wave analysis of EURUSD, GBPUSD, AUDUSD on January 18.
As expected, EURUSD moved in a downward direction over the last trading day. It is very likely that today the price movement will continue, against the background of the growth of stock markets with which the pair has an inverse correlation. It should also be noted that by 3.18% declined the index of applications for obtaining mortgage loans in December 2017, which may indicate the release of negative data on the number of bookmarks of new foundations (the news will be published at 13:30 GMT Time), since the mortgage is the main factor that affects the real estate market. This can help to weaken the dollar.
Contrary to expectations, the market again updated the previous high, forming a larger wave . Anyway, we are most likely in the final part of the uptrend. Given the negative dynamics of credit markets, today there may be a lateral or downward movement. It is possible that the market will begin to move down after a small upward correction, as shown in the graph. The movement of quotations today will be affected by the publication of data on the number of bookmarks of new foundations in the US.
The currency pair again updated the previous high, forming a larger wave of 5 than was originally intended. In the last section, we are likely to see the initial part of a large correction wave, so today the market can begin to move in a downward or lateral direction (in case the bears do not have enough strength to push the price down). Thus, to consider the opening of long positions in this situation is no longer recommended.
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