Forecast for February 8th, 2016
Probably, Eurodollar is starting to form the bearish wave D inside the large horizontal triangle (B). It’s highly likely that later the price will continue moving sideways and form the correction.
EUR USD, “Euro vs US Dollar”
As we can see at the H1 chart, at the end of last week the pair finished the bullish impulse in the wave [c]. In the nearest future, after completing the local correction, the price may fall in the wave (iii).
GBP USD, “Great Britain Pound vs US Dollar”The price continues forming the descending impulse in the wave (C); the pair may continue falling in the wave 3 of this impulse. During the week, Pound may continue moving downwards to reach January’s low.
At the H1 chart, the pair has finished the flat in the wave (b) and then formed the bullish impulse (c) with the extended fifth wave inside it. In the nearest future, the price may resume moving downwards in the wave (iii).
USD JPY, “US Dollar vs Japanese Yen”The form of the correction at the daily chart is still not quite clear. Probably, Yen is about to complete the wave Y in the double three (4). After completing this wave, the market may resume moving upwards in the wave 1 of (5).
At the H1 chart, Yen continues forming the zigzag Y of (4). Earlier, the market finished the zigzag [b] of Y and then started falling in the wave [c]. It’s highly likely that later the pair may break last week’s low.
AUD USD, “Australian Dollar vs US Dollar”Probably, Australian Dollar is forming the diagonal triangle in the wave 5 of (3). The market has already finished the wave [ii], so in the future it may resume falling in the third wave inside this pattern.
It looks like the wave [ii] has taken the form of the double zigzag. After completing the zigzag in the wave (x), Australian Dollar has formed the wave (y). On the minor wave level, the market is expected to finish the local correction in the wave iv, which may be followed by another descending movement in the wave v of (a).
RoboForex Analytical Department
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