Wave Analysis 19.01.2017 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
EUR USD, “Euro vs US Dollar”
Probably, the EUR/USD pair finished the wedge in the wave [a]. As a result, in the nearest future the market may continue forming the correctional wave 2, which is taking the form of the zigzag. Right now, the price is expected to fall in the wave [b] of 2.
More detailed structure is shown on the H1 chart. Probably, after finishing the wave (v) of [a], the pair formed the descending impulse in the wave (a). After completing the local correction, the market may start a short-term decline in the wave (c) of [b].
GBP USD, “Great Britain Pound vs US Dollar”
Possibly, the wave (v) of [v] is taking the form of the diagonal triangle. On a shorter timeframe, the price finished the wave ii and right now is starting the third wave. As a result, In the nearest future, the market may continue falling.
The pair finished the wave i in the form of the zigzag earlier, that’s why later it is expected to form another zigzag, this time in the wave iii. Consequently, after finishing the wave [B], the market may start falling in the wave [C] of iii.
USD JPY, “US Dollar vs Japanese Yen”
It’s highly likely that the wave 2 took the form of the zigzag with the diagonal triangle[C] inside it. Earlier, the pair finished the long bullish impulse in the wave 1. As a result, during the next several days the market may move upwards in the wave [i].
As we can see at the H1 chart, after rebounding from the diagonal triangle’s downside border, the pair formed the ascending impulse in the wave (i). On Thursday, the local correction may start, which may later be followed by a new growth in the wave (iii) of [i].
AUD USD, “Australian Dollar vs US Dollar”
The AUD/USD pair is still being corrected to the upside. It looks like the wave [ii] is taking the form of the double zigzag. Later, the price may resume falling in the wave [iii] in the diagonal triangle5.
Probably, the wave [5] of c is taking the form of the diagonal triangle. Earlier, the pair formed the triangle in the wave [4]. As a result, during the next several hours the price may continue moving upwards and form the pattern.
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.