Forecast for February 18th, 2016
It looks like after finishing the descending impulse in the wave (i), Eurodollar has started a new correction in the wave (ii), which may complete on Thursday. Later, the market may continue moving downwards in the third wave.
EUR USD, “Euro vs US Dollar”
More detailed structure is shown on the H1 chart. Probably, the wave (ii) is taking the form of the flat. In the future, after completing the wave c, the pair may resume its decline and break the minimum of the wave (i).
GBP USD, “Great Britain Pound vs US Dollar”Pound continues forming the descending impulse in the wave [v] of 3. Earlier, the pair finished the wave [iv] in the form of the zigzag and the impulse in the wave (i) on the minor wave level. In the nearest future, the market may continue forming the wave (iii).
As we can see at the H1 chart, Pound is still falling in the bearish impulse in the wave iii. Earlier, the pair formed the double zigzag in the wave (ii). On Thursday, after completing the local correction, the price may break yesterday’s low.
USD JPY, “US Dollar vs Japanese Yen”Probably, Yen has finished 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 quite soon the ascending wave (i) may continue.
More detailed structure of the impulse in the wave (i) is shown on the H1 chart. It looks like yesterday the price finished the fourth wave. In the nearest future, the market may resume growing in the wave v of (i), which may take the form of the diagonal triangle.
AUD USD, “Australian Dollar vs US Dollar”It’s highly likely that Australian Dollar has completed the wave [ii] in the form of the double zigzag with the flat (b) inside it. Later, the price may resume falling in the wave [iii] inside the diagonal triangle.
As we can see at the H1 chart, the price is about to finish the diagonal triangle in the wave (c). The pair has rebounded from the pattern’s upper border, which means that it may resume its decline.
RoboForex Analytical Department
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