Forecast for February 10th, 2016
It looks like Eurodollar is about to complete the fifth wave in the impulse [c]. During the day, the price may break yesterday’s high, finish the wave (v), and then start falling in the wave (i).
EUR USD, “Euro vs US Dollar”
More detailed structure is shown on the H1 chart. After completing the zigzag in the wave (iv), Eurodollar has started the bullish impulse in the wave (v). On the minor wave level, the pair may finish the wave iv and then continue growing in the wave v of (v).
GBP USD, “Great Britain Pound vs US Dollar”At the H4 chart, the wave [iv] has taken the form of the zigzag. In the nearest future, Pound may continue falling in the wave [v] of 3. Possibly, the market may break January’s low quite soon.
After completing the wave (c) of [iv], Pound has formed the descending impulse in the wave (i). Probably, the market is about to finish the double zigzag in the wave (ii), which may be followed by another descending movement in the wave (iii).
USD JPY, “US Dollar vs Japanese Yen”It looks like Yen is completing the 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 finish the descending impulse and start a bullish pullback.
More detailed structure of the bearish impulse in the wave [c] is shown on the H1 chart. Right now, Yen is completing the fifth wave of this impulse. Later, the pair may start falling in the wave (v) of [c] and break the minimum of the wave (iii).
AUD USD, “Australian Dollar vs US Dollar”Australian Dollar has successfully completed the double zigzag in the wave [ii]. Earlier, the pair finished the descending zigzag in the wave [i]. Later, the market may continue falling in the wave [iii] inside the diagonal triangle.
It looks like the wave [ii] has taken the form of the double zigzag. After completing the zigzag in the wave (y), Australian Dollar has started forming the descending impulse in wave (a). On the minor wave level, the market is expected to finish the local correction and continue falling.
RoboForex Analytical Department
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