Estimated pivot point is at a level of 1.0460.
Our opinion: Wait till the completion of correction and buy the pair above the level of 1.0460 with the target of 1.12.
Alternative scenario: Breakout of the level of 1.0460 and consolidation below this level will enable the price to go down to 1.03.
Analysis: The formation of the “bearish” correction in the second wave is prolonged. At the moment, it seems that the wave (с) is being developed, within which the impetus is being formed. If this assumption is correct, the rise in the pair will resume. Critical level for this scenario is 1.0460. Breakdown of this level will trigger further decline in the pair.
GBP/USD Wave analysis and forecast of 10.04 – 17.04: The pair is undergoing correction.
Estimated pivot point is at a level of 1.4630.
Our opinion: Wait for the completion of correction and buy the pair above the level of 1.4630 with the target of 1.5220 – 1.54.
Alternative scenario: Consolidation of the price below the level of 1.4630 will enable the price to continue decline to 1.45 – 1.44 in the downtrend.
Analysis: Presumably, the formation of the “bearish” correction as the second wave (2) continues. Locally, it is likely that the final wave c of (2) is being formed, within which impetus is being developed. If this assumption is correct and the price does not break down critical level of 1.4630, after the completion of the wave с of (2), the pair will continue to grow to 1.52 – 1.54 in the third wave.
AUD/USD Wave analysis and forecast of 10.04 – 17.04: Correction has completed. The pair is likely to decline.
Estimated pivot point is at a level of 0.7740.
Our opinion: Sell the pair from correction below the level of 0.7740 with the target of 0.74.
Alternative scenario: Breakout and consolidation of the price above of the level of 0.7740 will enable the rise in the pair up to the level 0.7930.
Analysis: Presumably, the formation of the “bullish” correction in the second wave 2, which took the shape of a zigzag with a wedge in the wave с of 2, has completed. At the moment it seems that the pair has started to decline in the third wave. If this assumption is correct, it makes sense to expect that the pair will decline to 0.75 – 0.74. Critical level for this scenario is the level of 0.7740.
USD/JPY Wave analysis and forecast of 10.04 – 17.04: Correction is nearing completion. The pair is likely to decline.
Estimated pivot point is at a level of 121.00.
Our opinion: Wait for the completion of the correction and sell the pair below the level of 121.00 with the target of 116.80. In case of breakdown of the level of 121.00, sell the pair with the target of 122.00.
Alternative scenario: Breakout and consolidation of the price above the level of 121.00 will enable the pair to continue growth up to 122.00.
Analysis: “Bearish” correction of the senior level as the fourth wave is being formed. Locally, it is likely that the wave a of 4 is being developed, within which a zigzag (a)(b)(c) is being formed. If this assumption is correct, after the formation of the wave (b), the pair will continue to decline to the level of 116.80.
USD/СAD Wave analysis and forecast of for 10.04 – 17.04: The pair is likely to grow.
Estimated pivot point is at a level of 1.2380.
Our opinion: Buy the pair above the level of 1.2380 with the target of 1.30.
Alternative scenario: Breakout and consolidation of the price below the level of 1.2380 will enable the pair to continue decline to 1.22 - 1.20.
Analysis: Presumably, the fourth wave has formed, which is likely to take shape of the flat correction (a)(b)(c) and slightly extended. Locally, it is likely that the fifth wave v is being developed in the third wave 3 of the higher level. If this assumption is correct and the price does not break down the critical level of 1.2380, it makes sense to expect that the pair will continue to rise up to 1.30.
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