Wave Analysis 08.02.2017 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
EUR USD, “Euro vs US Dollar”
Probably, after finishing the descending wedge in the wave 1, the EUR/USD pair completed the wave 2 in the form of the zigzag. As a result, in the nearest future the market may fall in the wave [i].
More detailed structure is shown on the H1 chart. It looks like the pair is finishing the wave iii of the descending extension in the wave (iii). In the nearest future, the market may start a new local correction.
GBP USD, “Great Britain Pound vs US Dollar”
After finishing the wave [iii], the GBP/USD pair formed the ascending zigzag, which may be the wave (a) or (w). Possibly, the wave (b) or (x) may take the form of the double zigzag. In this case, the market is expected to complete the wave x and start forming the descending zigzag in the wave y.
As we can see at the H1 chart, yesterday the pair completed the descending zigzag in the wave w. Consequently, on Wednesday the price may complete the wave x, which may later be followed by the bearish wave y of (b) or (x).
USD JPY, “US Dollar vs Japanese Yen”
It’s highly likely that the USD/JPY pair completed the diagonal triangle in the wave [c] of 2, rebounded from the downside border of the pattern, and started forming the wave [i]. To confirm a new growth, the market has to finish the above-mentioned wave.
As we can see at the H1 chart, the pair completed the fifth wave in the wave [c] and then formed the bullish impulse in the wave (i). After finishing the local correction, the market may resume growing in the waver (iii) of [i].
AUD USD, “Australian Dollar vs US Dollar”
Probably, the AUD/USD pair completed the zigzag[ii], which is a part of the diagonal triangle in the wave 5. Consequently, in the nearest future the market may resume moving downwards.
At the H1 chart, after finishing the bullish impulse in the wave (c) of [ii], the pair started forming the wedge in the wave (i). As a result, on Wednesday the price may form the descending impulse in the wave v of (i) and then start another correction.
RoboForex Analytical Department
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.