Wave analysis of EURUSD, GBPUSD, USDJPY on November 29.
Yesterday, the currency pair moved fairly confidently in a downward direction, forming a downward correction wave (ii). Judging by the size and duration of the construction, the second wave is close to its end, and hence, soon we can see the rise of the market within the new upward impulse (iii). Today, we should pay attention to a number of news releases that will be published in the US between 13:30 and 15:30 GMT time. The strongest impact on the movement of prices may be caused by the speech of the Chairman of the Board of Governors of the Fed, Janet Yellen, at which time the market may be given an impulse that will be the beginning of the construction of a bullish wave (iii).
As was expected, during the previous trading day, we saw a small downward wave, which, most likely, will be the beginning of correction (B). Given that the wave (B) is too short in duration, relative to the previous ascending wave (A), it can be concluded that its formation has not yet been completed. Accordingly, today we can see the lateral or downward movement of the currency pair within the final part of the correction (B). It is possible that we will see a downward impulse C after the speech of the Governor of the Bank of England Mark Carney, which will be at 14:00 GMT - this event is the most important for today's trading day. Given that a corrective wave is being formed, it is recommended to be cautious in making trade decisions.
As expected, we see the construction of a lateral correctional wave of the bundle XX. In the afternoon, the wave of [c] of XX can be fully completed, and then a downward movement of the currency pair is possible within the bearish wave of Z. It should be noted that the formation of the wave XX can be completed during the news release in the United States, will take place after the speech of the Chairman of the Board of Governors of the Federal Reserve Bank Janet Yellen at 15:00 GMT time.
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