Wave Analysis 09.02.2017 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
EUR USD, “Euro vs US Dollar”
Probably, after finishing the wave 2 in the form of the zigzag, the EUR/USD pair formed the descending impulse in the wave [i]. Consequently, after finishing the local correction, the market may resume falling in the wave [iii].
More detailed structure is shown on the H1 chart. It looks like the pair is forming the ascending zigzag in the wave [ii]. On Thursday, the market may continue its short-term growth in the wave (c) of [ii].
GBP USD, “Great Britain Pound vs US Dollar”
Possibly, after finishing the ascending zigzag, which may be the wave (a) or (w), the GBP/USD pair started forming the wave (b) or (x) in the form of the double zigzag. In the nearest future, the market may complete the wave x and start falling in the wave y.
As we can see at the H1 chart, the pair is forming the ascending zigzag in the wave x. in the nearest future the market may complete the wave [C] and start forming the descending zigzag in the 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.
After rebounding from the downside border of the diagonal triangle, the pair formed the ascending impulse in the wave (i) along with the correctional wave (ii). As a result, in the nearest future the market may form another bullish impulse, this time in the wave (iii) of [i].
AUD USD, “Australian Dollar vs US Dollar”
It’s highly likely that after finishing the wave [i] in the form of the zigzag, the AUD/USD pair completed the zigzag[ii] of the diagonal triangle in the wave 5. Consequently, in the nearest future the market may resume moving downwards in the wave [iii].
At the M30 chart, the pair is about to complete the flat in the wave (ii). As a result, after finishing the ascending impulse in the wave c, the market may resume falling in the third wave.
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.