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Home / Analytics / Forex analysis & forecasts / Forex Wave analysis and forecast / Wave analysis for EUR/USD, GBP/USD, USD/JPY and AUD/USD on 29.02.2016
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Wave analysis for EUR/USD, GBP/USD, USD/JPY and AUD/USD on 29.02.2016

29.02.2016
EUR/USD currency pair

Wave analysis of EUR/USD on 29 February 2016

Presumably, in the euro dollar the formation of the descending impulse in wave [i] completed. Last Friday wave (v) finished, respectively, growth as part of wave (a) will probably start in the near future. It is very likely that next week the market will hold within the framework of the correctional wave [ii].



Wave analysis of EUR/USD on 29 February 2016

The hourly chart shows a more detailed layout. After the end of the zigzag in wave (iv) a bearish impulse in wave (v) of [i] has been formed. Apparently, the wave i is formed on the minor wave level. After the local correction further growth of quotations in the wave iii of (a) is possible.



GBP/USD currency pair

Wave analysis of GBP/USD on 29 February 2016

The pound probably completed the formation of the descending extension in the pulse wave (iii). Accordingly, in the short term, perhaps there is a beginning of a rising correction – in wave (iv), which may last all week.



Wave analysis of GBP/USD on 29 February 2016

As you can see from the hour chart, the wave v of (iii) was formed at the end of last week. In the short term we may see the beginning of a bullish momentum in wave a of (iv). During Monday price movement up may continue.



USD/JPY currency pair

Wave analysis of USD/JPY on 29 February 2016

Presumably, in the yen a Diagonal Triangle in wave [c] is forming, which includes a possible continuation of decline in the third wave. Subsequently a further decline of the currency pair and the breakdown of the minimum of wave (i) is likely.



Wave analysis of USD/JPY on 29 February 2016

On the hourly chart, after the end of the descending impulse in wave a, a zigzag in wave b was formed. At the minor wave level, the price formed wave [1]. Accordingly, after the local correction decline in wave [3] of c is likely.



AUD/USD currency pair

Wave analysis of AUD/USD on 29 February 2016

Formation of wave [ii] is completed, likely in the form of a Double Zigzag. In the short term, we are likely to see the resumption of the downward movement of the price within wave [iii] as part of a diagonal triangle within wave 5 wave at the senior level.



Wave analysis of AUD/USD on 29 February 2016

The hourly chart shows a more detailed layout. Presumably, wave (a) is becoming a Diagonal Triangle with an emerging fourth wave. During the day, the development of a local ascending correction may continue.

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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.