Wave Analysis 23.02.2017 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
EUR USD, “Euro vs US Dollar”
Probably, after finishing the impulse in the wave [i] and the correctional wave [ii], the EUR/USD pair started forming the wave [iii]. Consequently, after completing the local correction, the price is expected to continue moving downwards.
More detailed structure is shown on the H1 chart. It’s highly likely that the pair is about to complete the wave b of the ascending zigzag in the wave (ii). As a result, on Thursday the market may form the bullish impulse in the wave c of (ii).
GBP USD, “Great Britain Pound vs US Dollar”
Possibly, the GBP/USD pair completed the horizontal trianglex inside the double zigzag(b) or (x). Consequently, in the nearest future the market may resume falling and break the previous low.
As we can see at the H1 chart, the pair failed to break upside border of the triangle and right now it is moving inside the pattern again. During the next several days, the market is expected to form the descending zigzag in the wave y of (b) or (x).
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 flat in the wave [ii]. 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 flat in the wave [ii] along with the bullish impulse in the wave (i). As a result, in the nearest future the market may resume moving upwards in the wave (iii) of [iii].
AUD USD, “Australian Dollar vs US Dollar”
In case of the AUD/USD pair, the main scenario still implies that the price finished the zigzag in the wave [ii]. Consequently, in the nearest future the market may resume falling and form the descending impulse in the wave (a) of [iii].
More detailed structure is shown on the H1 chart. It looks like after finishing the descending impulse in the wave i, the pair completed the flat in the wave ii. As a result, in the nearest future the market may resume falling in the wave iii of (a).
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.