Wave analysis of EURUSD, GBPUSD, AUDUSD on December 29.
The currency pair continues to move higher and higher within the framework of the rising zigzag z of (x). In the commodity market, an upward trend is maintained, and this usually leads to a weakening of the dollar, as raw materials and the American currency are traded in different directions, so the EUR/USD currency pair will grow with a high probability. Another factor contributing to the rise in prices is the situation in the credit markets. Thus, today it is possible to continue the rise of the currency pair’s prices.
The market continues to build an upward wave D, which is the penultimate part of the converging horizontal triangle. Thus, according to the current marking, today it is possible for the currency pair to grow. In favor of this growth is the situation on the commodity market, as the quotes of gold and oil grow, and GBPUSD often moves in the same direction with Brent. In the current situation, it is not recommended to consider the opening of short positions.
The trend continues to advance in the ascending direction, forming a wave [v], which, in turn, consists of five small parts. Judging by the layout of the internal structure of this wave, the third part is now forming, which means that soon we will see a small lateral flat (iv), and then the final price rise will continue within a small momentum (v). In the current situation, it is possible to open long positions.
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