Wave Analysis 30.01.2015 (EUR/USD, GBP/USD, USD/JPY, USD/CAD)

Analysis for January 30^th, 2015

EUR USD, “Euro vs US Dollar”

Probably, the pair may have already finished wave iv? of (v) of [iii] and started a descending impulse inside wave v of (v) of [iii]. The critical level here is 1.1422.



After finishing double zigzagiv of (v) of [iii], Euro formed the first descending impulse inside wave [1]? of iv of (v) of [iii]. The current descending movement is quite slow, that’s why if the market is able to stay below 1.1220, the downtrend will continue. In this case, the price may reach 1.08 quite soon.

GBP USD, “Great Britain Pound vs US Dollar”

After they published UK fundamentals yesterday, Pound started to fall faster. Probably, the pair has completed wave (iv)? of [v] and formed two descending impulses inside wave (v) of [v]. An alternative scenario (colored in gray) implies that the market hasn’t completed wave (iv)? yet, and is still forming it in the form of horizontal triangle.



So, we can see two descending waves inside wave (v) of [v]. However, we should remember an alternative scenario, which implies that the market is still forming horizontal triangle inside wave (iv)?. In other words, right now the price may be forming wave b of (iv). The main scenario implies the pair is expected to continue moving downwards.

USD JPY, “US Dollar vs Japanese Yen”

In case of Yen, the trading range is inside a horizontal channel. The pair’s movement is very complicated and provides us with a lot of different possible scenarios. According to the main scenario, the price is expected to continue falling towards 116.00 – 116.75 to finish wave E of (4) of [5].



So, according to the main scenario, the pair needs to complete waves (d) and (e) of horizontal triangle inside wave [b] of E of (4) of [5]. An alternative scenario (colored in gray) implies that the market may have already completed wave (4) in the form of zigzag with truncation inside wave E of (4). If the pair is able to stay above 118.50, the market may rally towards 122.00 – 123.00. However, if the pair falls lower than 117.20, the market will continue forming wave E of (4) of [5] in the range of 116.00 – 116.75.

USD CAD, “US Dollar vs Canadian Dollar”

Canadian Dollar is still moving upwards inside wave [5] of v of (v) of [v] of C of (C) of a large horizontal triangle. There are no signals for reverse and a new descending movement so far, that’s why the market is expected to continue growing.



Probably, the pair may extend wave [5] of v of (v) of [v] of C of (C) as well. INSIDE wave [5] of v, the price has already completed the first impulse (1) of [5], a correction, and may form extension inside wave (3) of [5]. Taking into consideration the movement of related pairs (EUR/USD in the first place), we may suppose that the price may continue growing.



 
RoboForex Analytical Department