Forecast for February 3rd, 2016
Probably, some days ago Eurodollar finished the horizontal triangle in the wave 4 and then formed the bearish impulse in the wave [i]. Right now, the price is being corrected in the wave [ii], which may be followed by a new decline in the wave [iii].
EUR USD, “Euro vs US Dollar”
At the H1 chart, the wave (c) of [e] has taken the form of the diagonal triangle. After completing the bearish impulse in the wave [i], Eurodollar started an ascending correction. In the nearest future, the market may start falling and forming the descending impulse in the wave [iii].
GBP USD, “Great Britain Pound vs US Dollar”The pair continues forming the extension in the bearish wave 3. It’s highly likely that the price is about to complete the local correction in the wave [iv]. During the next several days, Pound may continue moving downwards and break the minimum while forming the wave [v] of 3.
At the H1 chart, the wave [iv] is taking the form of the zigzag. Last week, Pound formed the flat in the wave (b). In the future, after completing the wave v of (c), the market may resume its descending movement.
USD JPY, “US Dollar vs Japanese Yen”Probably, Yen has completed the wave C in the form of the zigzag in the wave (4). In the nearest future, the market may continue forming the bullish impulse in the wave [i] or [a].
As we can see at the H1 chart, after completing the wave (iii), Yen has started a new correction. Possibly, the pair may finish the wave (iv) in the nearest future. To confirm this scenario, the market has to form the ascending impulse in the wave i of (v).
AUD USD, “Australian Dollar vs US Dollar”It looks like earlier the price finished the wave [iv] in the wave 5, which is taking the form of the diagonal triangle. In the future, the pair may resume its decline in the bearish wave [v] of 5.
At the H1 chart, the wave (c) of [iv] has taken the form of the diagonal triangle. On the minor wave level, the market has formed the descending impulse in the wave (i). In the nearest future, the pair may continue falling in the wave (iii) of [v].
RoboForex Analytical Department
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