Wave Analysis 16.02.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
16.02.2016
Forecast for February 16th, 2016
EUR USD, “Euro vs US Dollar”
After finishing the bullish impulse in the wave [c] of C, Eurodollar has resumed its decline. It looks like right now the price is forming the descending impulse in the wave (i), which may be completed during the day. Later, the market may start a new local correction.
As we can see at the H1 chart, the pair has finished the fourth wave in the wave (i) and right now is falling in the fifth one. Earlier, the market formed the diagonal triangle in the wave (v) of [c]. On Tuesday, the price may break yesterday’s low.
GBP USD, “Great Britain Pound vs US Dollar”
After finishing the wave [iv] in the form of the zigzag, Pound is trying to resume its descending movement. Earlier, the pair completed the fast extension in the wave iii. It looks like in the nearest future the market may continue falling in the wave [v] of 3.
As we can see at the H1 chart, Pound has completed the descending impulse in the wave (i) and then the double zigzag in the wave (ii). On the minor wave level, the pair may continue falling in the wave iii of (iii).
USD JPY, “US Dollar vs Japanese Yen”
Probably, Yen has finished the zigzag in the wave Y of (4). After completing the zigzag in the wave [b] of Y, the market has started falling in the wave [c]. It’s highly likely that quite soon the pair may start a bullish pullback quite soon.
More detailed structure of the wave [c] of Y is shown on the H1 chart. Probably, right now Yen is forming the ascending impulse in the wave (i). On Tuesday, after finishing the local correction, the price may continue growing.
AUD USD, “Australian Dollar vs US Dollar”
After completing the double zigzag in the wave [ii], Australian Dollar is trying to resume its decline. Earlier, the pair finished the descending zigzag in the wave [i]. Later, the market may continue falling in the wave [iii] inside the diagonal triangle.
At the H1 chart, it’s highly likely that the price has completed the zigzag in the wave (b). On the minor wave level, the market has formed the ascending impulse in the wave c of (b). During the day, the pair may start falling in the wave i of (c).
RoboForex Analytical Department
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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.