Wave Analysis 13.02.2017 (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 formed the descending impulse in the wave [i] along with the correctional wave [ii]. Consequently, in the nearest future the market may form the extension in the wave [iii] of 3.
As we can see at the H1 chart, after finishing the wave [ii], the pair completed the descending impulse in the wave (i) and, possibly, the wave (ii) in the form of the zigzag. As a result, in the future the market may move downwards whine forming the wave (iii) of [iii].
GBP USD, “Great Britain Pound vs US Dollar”
It looks like after finishing the in the wave [iii], the GBP/USD pair completed the ascending zigzag in the wave (a) or (w) and then started forming the wave (b) or (x), which is taking the form of the double zigzag. In the nearest future, the market may continue falling in the wave y.
At the H1 chart, the pair is probably forming the descending zigzag in the wave y. Earlier, the price completed the wave x, also in the form of the zigzag. As a result, on Monday the market may start falling in the wave [C] of y.
USD JPY, “US Dollar vs Japanese Yen”
Probably, after finishing the wave 2 in the form of the zigzag, the USD/JPY pair completed the ascending impulse in the wave [i]. Consequently, after finishing the local correction, the market is expected to continue moving upwards in the wave [iii].
More detailed structure is shown on the H1 chart. Possibly, the pair completed the wave (v) of [i] and started a new descending correction. On Monday, the price may form the zigzag in the wave [ii].
AUD USD, “Australian Dollar vs US Dollar”
Probably, the AUD/USD pair completed the zigzag[ii] of the diagonal triangle in the wave 5. Consequently, during the next several weeks the market may form another zigzag, this time in the wave [iii] of 5.
Possibly, after finishing the descending wedge in the wave (i), the pair formed the wave (ii) in the form of the zigzag. In the future, the price may form another bearish impulse.
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.