Wave Analysis 29.01.2015 (EUR/USD, GBP/USD, USD/JPY, USD/CAD)

Analysis for January 29^th, 2015

EUR USD, “Euro vs US Dollar”

After they published US fundamentals yesterday, Euro continues moving quite slowly. The scenario, which implies that the pair may have already finished wave iv of (v) of [iii] in the form of double zigzag and started falling inside wave v of (v) of [iii], is still in effect.



After rebounding from the upper border of its descending channel, Euro continues moving inside it. The price is now between the critical and confirming levels, and its movement is quite slow. If the market is able to stay below 1.1220, the price may rally towards and then below 1.10. The main scenario is still in effect.

GBP USD, “Great Britain Pound vs US Dollar”

It’s hard to define the ascending movement of the price inside wave (iv)? of [v]: however, it looks more like an impulse than double zigzag. The critical level here is 1.5218. Probably, right now Pound is making a reverse to start wave (v) of [v].



Probably, the price has completed wave (iv) of [v] in the form of zigzag with truncation. The pair is moving below the critical level and if it is able to stay below 1.5057, the market may continue moving downwards.

USD JPY, “US Dollar vs Japanese Yen”

In case of Yen, in this situation the narrowing trading range provides us with a lot of different possible scenarios. We suppose that the price continues forming horizontal triangle inside wave (4) of [5], because zigzag inside its wave E of (4) of [5] isn’t probably completed yet.



Wave E of (4) of [5] of horizontal triangle has turned out to the most complicated one. Probably, wave [b] of E of (4) of [5] has also been completed in the form of horizontal triangle. At the moment, in order to finish this zigzag, the pair needs to fall inside wave [c] of E of (4) of [5] towards 116.55 – 117.00.

USD CAD, “US Dollar vs Canadian Dollar”

Canadian Dollar continues reaching new highs inside a large zigzagC of a big horizontal triangle. Probably, the ascending movement is about to finish. At the moment, the market is moving inside wave [5] of v of (v) of [v] of C of (C) after which the price is expected to start a serious descending movement inside wave (D).



Wave [4] of v of (v) has taken the form of extended flat, wave (C) of [4] of which is exactly 161.8% of wave (A) of [4] (the most common ratio between waves inside extended flat pattern). Right now, the price is about to complete wave [5] of v of (v) of [v] of C of (C), which may probably reach 1.2500 – 1.2575.



 
RoboForex Analytical Department