Wave analysis of EURUSD, GBPUSD, USDJPY on April 23.

 

EUR/USD

Apparently, we see the formation of the descending wave [Z], which takes the form of the wave shape (A) - (B) - (C). At the moment, the market moves down within the momentum (C). Because the wave (C) looks incomplete, judging by its magnitude, it is possible today to continue the decline. In favour of this scenario is the situation on the debt market, where the yield spread of 10-year government bonds of Germany and the US is declining, which is a positive factor for the dollar. And also, in connection with the increase in the number of applications for the purchase of housing in March, in the American trading session, you can expect a positive release on sales of secondary housing in the US, which can also help reduce the currency pair.

 

GBP/USD

The Market declined rapidly over the previous several trading days. Apparently, now we see the formation of the initial part of a new major descending correction wave, which may well take the form of a zigzag. Thus, after the completion of the construction of the upward correction 4, the decline will resume. In favour of this scenario, the fact that in the credit markets the yield of 10-year UK government bonds is declining in relation to its counterparts from the US and Germany is in favour of this scenario.

 

USD/JPY

The currency pair is slowly but surely moving towards the previously planned milestones. Judging by the very complex structure of the wave (C) of [Z], it can take the form of a finite diagonal. We know that the end diagonals are the final parts of the trend, and usually are not too large in magnitude, because the market already lacks the strength to form a big wave. Thus, soon we are likely to expect a price turn and the beginning of a decline.


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