Wave Analysis 15.02.2017 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
EUR USD, “Euro vs US Dollar”
The EUR/USD pair continues forming the wave [iii]. Earlier, the price finished the zigzag in the wave 2 and the descending impulse in the wave [i]. In the nearest future, the market may continue falling inside the third wave.
More detailed structure is shown on the H1 chart. Probably, the pair is about to complete the fifth wave inside the extended wave [iii]. As a result, in the nearest future the market may start a new local correction, i.e. the wave (iv).
GBP USD, “Great Britain Pound vs US Dollar”
In case of the GBP/USD pair, the price is still forming the wave (b) or (x), which is probably taking the form of the double zigzag. In the nearest future, the market may continue falling in the wave y and, as a result, soon break the local low.
More detailed structure is shown on the H1 chart. The pair is probably forming the descending impulse [C] of the zigzagy. It’s highly likely that during the day the price may continue falling.
USD JPY, “US Dollar vs Japanese Yen”
After finishing the wave 2 in the form of the zigzag with the diagonal triangle[c] inside it, the USD/JPY pair completed the bullish impulse in the wave [i] along with the correctional wave [ii]. On Wednesday, the market is expected to continue moving upwards.
As we can see at the H1 chart, the pair completed the wave [ii] in the form of the zigzag and then the bullish impulse in the wave (i). After finishing the local correction, the market is expected to resume its growth in the wave (iii) of [iii].
AUD USD, “Australian Dollar vs US Dollar”
Probably, the AUD/USD pair completed the zigzag[ii] with the impulse (c) inside it. On a longer timeframe, the price is forming the diagonal triangle in the wave 5. Consequently, in the nearest future the market may resume falling in the wave [iii].
More detailed structure is shown on the H1 chart. Possibly, the pair formed the diagonal triangle in the wave v of (c) and then completed the impulse in the wave [1]. After finishing the local correction, the price may resume moving downwards.
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.