Wave analysis of EURUSD, GBPUSD, USDJPY on March 19.
The market is falling within the impulse wave (C) of [Z] in accordance with the forecast. Most likely, today the movement in the downward direction will continue. In favour of this scenario says the dynamics of credit markets, where the yield differential of 10-year government bonds in Germany and the US is declining, which is negative for the euro. Given the fact that important macroeconomic statistics are not expected today, the market will move in a gradual manner without sudden price jumps in an unexpected direction.
The market continues to move within the framework of the correctional wave (B), which takes the form of a prolonged lateral correction. It is very likely that now this wave is close to its completion (judging by its shape and duration of construction). In this regard, the rise of the currency pair may begin in the near future. Despite the negative dynamics of the debt market, traders are building up long positions for black gold, this will help the currency pair to grow, between Brent and GBPUSD there is a strong correlation.
Over the previous trading day, the market continued to move within the downward corrective wave X, after which completion, it is expected to form a new upward wave of Z. Thus, in the near future, the rise of the currency pair is possible. In favour of this scenario is the fact that the leading stock indicators show an uptrend, this is a positive factor for the pair and will contribute to the growth of quotations.
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