Wave Analysis 10.02.2017 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
EUR USD, “Euro vs US Dollar”
After finishing the zigzag in the wave 2, the EUR/USD pair resumed falling and later formed the impulse in the wave [i] along with the correctional wave [ii]. Consequently, in the nearest future the market may continue falling in the wave [iii].
More detailed structure is shown on the H1 chart. It looks like after finishing the wave [ii], the pair started falling in the wave (i). As a result, in the nearest future the market may continue moving downwards.
GBP USD, “Great Britain Pound vs US Dollar”
In case of the GBP/USD pair, after finishing the descending impulse in the wave [iii], the price started forming the correctional wave (b) or (x), which is taking the form of the double zigzag. In the nearest future, the market may form the descending zigzag in the wave y.
As we can see at the H1 chart, the pair probably completed the zigzag in the wave x and then formed the descending impulse in the wave [A]. As a result, after finishing the local correction, the market may start a short-term decline in the wave [C] of y.
USD JPY, “US Dollar vs Japanese Yen”
The USD/JPY pair completed the wave 2 in the form of the zigzag with the diagonal triangle[c] inside it. It’s highly likely that right now the price is forming the bullish impulse in the wave [i]. during the next several hours, the market is expected to continue moving upwards.
More detailed structure is shown on the H1 chart. It looks like the pair is about to complete the wave (iii). Consequently, after finishing the local correction, the market may resume growing in the wave (v) 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 H1 chart, the pair probably completed the wedge in the wave (i). In the nearest future, the market may finish the wave (ii), which is taking the form of the zigzag. As a result, soon the price may resume falling in the wave (iii).
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.