Wave analysis of EURUSD, GBPUSD, AUDUSD on January 29.
Most likely, for the previous trading day, a downward corrective wave was constructed and fully completed [iv]. In this regard, we can assume that today it is possible to raise the currency pair within the framework of a new bullish impulse [v]. It should be noted that today there is no important macroeconomic statistics, so there will be smooth and gradual movements in the market.
Due to the fact that the reports on the GDP of the United Kingdom and the United States demonstrated multidirectional dynamics. UK GDP came out better than the median forecast, and the US on the contrary - worse. Such a situation can contribute to the rise of the currency pair within the framework of a new upward momentum (v). In addition, the situation in the credit markets contributes to the support of the pound, in this regard, today the growth of quotations is possible.
It is very likely that the price is in the final part of the uptrend. We see at the moment the development of bullish momentum 5, after the completion of which, the market is expected to turn and the beginning of a downward movement within the framework of a new corrective wave. Thus, the price growth will soon be completed, considering the opening of long positions is not recommended.
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