Wave analysis of EURUSD, GBPUSD, USDJPY on November 28.
Today, a number of important statistical data releases will be published in the US, which in turn may contribute to increasing volatility in the markets. The most important news will be published at 15:00 GMT – the consumer confidence index. Taking into account the fact that a rather rapid upward impulse wave [C] is being formed, this currency pair is likely to grow within this trend. Additionally, the probability that the uptrend has not yet been fully completed is quite high.
Judging by the marking of the internal structure of the last section, movement in the upward impulse wave (A) has come to an end. It is likely that we are seeing the beginning of the development of a new corrective wave (B), which can take the form of both a downward and lateral correction. Today, we should also pay attention to a number of important news that will be published at 07:00 GMT (Results of stress tests) and at 07:30 GMT (Bank of England Governor Mark Carney will deliver a speech). However, taking into account the fact that the formation of a corrective wave has begun, the market is unlikely to significantly advance in the ascending or descending direction.
It is assumed that the development of the ascending correction wave of the XX bundle has been fully completed, and in the last section we see the beginning of the construction of a new bearish zigzag Z. Taking into account the fact that investors are now selling stocks and buying gold, this dynamic traditionally has a negative impact on the value of this currency pair. In regard to this, today, the USDJPY rate may fall.
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