Forecast for February 5th, 2016
Eurodollar continues forming the wave C inside the large horizontal triangle. On the minor wave level, the price has formed the triangle in the wave [b]. Later, the pair may continue this bullish impulse in the wave [c] of C.
EUR USD, “Euro vs US Dollar”
More detailed structure is shown on the H1 chart. Probably, the pair is about to finish the fourth wave in the wave [c]. In the nearest future, the price may continue growing in the wave (v) of [c].
GBP USD, “Great Britain Pound vs US Dollar”It looks like the wave [iv] is taking the form of the zigzag. In the nearest future, Pound may complete the bullish impulse in the wave (c). To start falling in the wave [v] of 3, the market needs to form an initial impulse inside it.
As we can see at the H1 chart, the pair has finished the flat in the wave (b). Right now, the market is completing the local correction iv in the wave (c). In the nearest future, the pair may resume moving upwards in the wave v of (c).
USD JPY, “US Dollar vs Japanese Yen”Yen is still forming the descending zigzag in the wave Y of (4). After completing the zigzag in the wave [b] of Y, the market has started falling in the wave [c]. It’s highly likely that in the future the pair may break January’s low.
More detailed structure is shown on the H1 chart. The market is about to finish the wave (iv) in the wave [c]. During the next several days, the air may resume falling in the wave (v) of [c].
AUD USD, “Australian Dollar vs US Dollar”Australian Dollar is about to complete the ascending double zigzag in the wave [ii]. Later, after finishing the wave (y), the market may resume falling in the wave [iii] inside the diagonal triangle.
At the H1 chart, after completing the zigzag in the wave (x), Australian Dollar has started forming the ascending wave (y). On the minor wave level, the market is expected to finish the local correction in the wave b and then resume its ascending movement in the wave c of (y).
RoboForex Analytical Department
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