Wave Analysis 21.02.2017 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
EUR USD, “Euro vs US Dollar”
In case of the ERU/USD pair, the price may yet continue forming the correctional wave [ii]. As a result, in the nearest future the market may reach a new local high. Later, the pair may resume falling in the wave [iii].
As we can see at the H1 chart, the wave (b) took the form of the zigzag. On a shorter timeframe, the pair is completing the descending impulse in the wave c. Consequently, during the day the market may start a new growth in the wave (c) of [ii].
GBP USD, “Great Britain Pound vs US Dollar”
Probably, the GBP/USD pair is forming the wave x in the form of the triangle. As a result, in the nearest future the market may test the upside border of this pattern. If the price rebounds from it, the pair may start falling in the wave y of (b) or (x).
More detailed structure of the triangle is shown on the H1 chart. On Tuesday, the pair may complete the wave [E] and rebound from the pattern’s upside border. In this case, the price may resume falling and form the zigzag in the wave y.
USD JPY, “US Dollar vs Japanese Yen”
Probably, after finishing the diagonal triangle in the wave [c] of 2 and the bullish impulse in the wave [i], the USD/JPY pair completed the correctional wave [ii] in the form of the flat. As a result, during the next several days the market may move upwards in the wave [iii] of 3.
As we can see at the H1 chart, the pair completed the impulse in the wave (c) of [ii] and right now is trying to resume its growth. It’s highly likely that the price is forming the ascending impulse in the wave (i). to confirm a new ascending movement, the market has to finish the above-mentioned wave.
AUD USD, “Australian Dollar vs US Dollar”
It looks like the AUD/USD pair completed the zigzag[ii] of the diagonal triangle. In the nearest future, the market may fall in the wave (a).
More detailed structure is shown on the H1 chart. Probably, the wave [5] of i turned out to be truncated. On Tuesday, the pair may complete the wave ii, resume falling in the wave iii, and, as a result, break the low of the wave i.
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.