Analysis for February 20th, 2015
The price continues moving sideways below the critical level and forming horizontal triangle inside wave (iv) of [iii]. After that, the pair is expected to start a new descending movement towards 1.0900 inside wave (v) of [iii].
EUR USD, “Euro vs US Dollar”
Most likely, the pair hasn’t completed horizontal triangle (iv) of [iii] yet. We can see double zigzag [W]-[X]-[Y] inside wave c of (iv). Later, the market is expected to form an ascending zigzag inside wave e of (iv) and then start a strong descending movement.
GBP USD, “Great Britain Pound vs US Dollar”Probably, the pair has completed double zigzag inside wave 4 o (1) and started a new descending movement inside wave 5 of (1). This scenario will be confirmed only after is able to stay below the confirming level at 1.5315.
Right now, it’s quite difficult to identify the internal structure of the movement the price started from the top at 1.5480. Probably, the price has started forming new descending impulses inside wave 5 of (1).
USD JPY, “US Dollar vs Japanese Yen”In case of Yen, the situation remains the same. After finishing horizontal triangle inside wave (4) of , the price started forming new impulses inside a larger wave (5) of . In the nearest future, the pair is expected to continue growing towards 120.00.
The pair has formed two ascending impulse inside wave 3 of (5) of  and right now is moving above the critical level 118.22. In the near term, the market is expected to start a strong ascending movement. This scenario will be confirmed only after is able to stay above the confirming level at 119.41.
USD CAD, “US Dollar vs Canadian Dollar”The market is about to finish an ascending zigzag C of (4) of  inside horizontal triangle (4) of . After completing this correctional pattern, the pair is expected to grow inside wave (5) of .
So, the pair has finished waves [a] of D and [b] of D of zigzag D of (4) of . In the near term, the price is expected to grow towards 1.2568 – 1.2619.
RoboForex Analytical Department
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