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Wave Analysis 07.02.2017 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)

EUR USD, “Euro vs US Dollar”

It’s highly likely that the EUR/USD pair completed the wave 2 in the form of the zigzag. As a result, the price may form the descending impulse in the wave [i]. To confirm a new decline, the market has to complete the above-mentioned wave.

More detailed structure is shown on the H1 chart. It looks like the pair is forming the wave iii of the bearish extension in the wave (iii). Consequently, in the nearest future the market may continue falling and reach new lows.

 

GBP USD, “Great Britain Pound vs US Dollar”

It’s highly likely that the GBP/USD pair started a long correction and formed the ascending zigzag in the wave (a) or (w). As a result, during the next several days the price may form another zigzag, this time in the wave (b) or (x).

More detailed structure is shown on the H1 chart. Probably, yesterday the pair completed the wave b and started falling in the wave c. It’s highly likely that on Tuesday the market may continue moving downwards.

 

USD JPY, “US Dollar vs Japanese Yen”

The USD/JPY pair rebounded from the downside border of the diagonal triangle in the wave [c] of 2. If later the price forms the ascending impulse in the wave [i], the market will resume moving upwards.

As we can see at the H1 chart, after finishing the horizontal triangle in the wave (iv), the pair completed the descending impulse in the wave (v) of [c], which was stopped by the downside border of the diagonal triangle from the H4 chart. It’s highly likely that the market may form the ascending impulse in the wave (i) during the day.  

 

AUD USD, “Australian Dollar vs US Dollar”

Probably, the AUD/USD pair completed the zigzag [ii], which is a part of the diagonal triangle in the wave 5. Consequently, in the nearest future the market may resume moving downwards.

As we can see at the H1 chart, after finishing the wave v of (v), the pair formed the descending impulse in the wave i along with the correctional wave ii. As a result, on Tuesday the price may form another bearish impulse, this time in the wave iii of (i).

 

RoboForex Analytical Department

 



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