Wave analysis of EURUSD, GBPUSD, AUDUSD on December 27.
In accordance with the previous review, we can see a gradual recovery of the currency pair within the bullish zigzag z. Most likely, today this price growth will continue. This assumption is supported by the fact that positive dynamics for the euro are observed on the commodity market. We observe the growth in the prices for gold, oil and copper, which remains a negative factor for the dollar, since raw materials are quoted in US currency. Thus, the layout and dynamics of the commodity market tell us that the recovery will continue today. Also, at 15:00 GMT in the US, data on the indicator of consumer confidence in December will be released, and this news event can significantly affect the market, so extra attention should be paid to it.
Most likely, today we will see a local rise of the currency pair within the penultimate wave D of a converging horizontal triangle. Given that oil quotes are steadily rising up, and Brent and GBP/USD usually have a strong correlation, today the upward part of wave D will likely build. However, it is necessary to trade cautiously, because the lift may stop at any given time, and the market can go into a side flat, within which we will most likely spend the next week and a half, forming the final part of the triangle.
Surprisingly, the market continues to fly up within the rising wave (1). It seems that the wave [v] of (1) turns out to be elongated. While there are no signs of a reversal or a change in the trend, the bulls’ strength is felt in the market. In this regard, the probability is high that today the price rise will continue, and the formation of a downward correction (2) is postponed for an indefinite period.
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