Wave analysis of EURUSD, GBPUSD, USDJPY on April 24.
The market continues to move in a downward direction, forming an impulse (C). So far, the current wave does not seem to be complete, judging by its magnitude, so in the near future it is possible to build a small upward correction 4, after which we will see the final downward impulse 5. In favour of the decline, the downward trend in gold is telling, as. the pair has a strong enough correlation with this precious metal.
The market moves within the framework of a rapid descending impulse wave. Today, the upward correction part 4 is expected to develop, after which completion, it is possible to continue the decline in wave 5. Today, there is no important macroeconomic statistics in the UK. The publication of data on the net amount of borrowed funds of the public sector is unlikely to have a significant impact on the market. It is preferable to pay attention to the publication of data on the indicator of consumer confidence in the US at 17:00 Moscow time.
An upward trend is gaining momentum. Apparently, in the initial part of this trend, an upward starting diagonal was built, which is a wave 1. After its completion, the market began to rapidly fly in an upward direction. Such a trend is unlikely to end quickly. Most likely, we expect a series of corrective waves, after which the growth will continue again and again. Thus, in such a situation it is too risky to open short positions. In favour of the rise, the situation on the debt market, where the yield spread of 10-year government bonds of the USA and Japan is growing, also speaks. In addition, investors sell gold and buy shares, this is a positive signal for the currency pair.
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