Wave Analysis 22.02.2017 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
EUR USD, “Euro vs US Dollar”
It looks like after finishing the descending impulse in the wave [i] and the correctional wave [ii] in the form of the zigzag, the EUR/USD pair is starting a new decline in the wave [iii]. After completing the local correction, the price is expected to continue moving downwards.
As we can see at the H1 chart, the pair is about to complete the fifth wave of the descending impulse in the wave (i). Consequently, on Wednesday the market may be corrected in the wave (ii).
GBP USD, “Great Britain Pound vs US Dollar”
Probably, the GBP/USD pair completed the wave x in the form of the horizontal triangle. As a result, during the next several days the market may continue forming the descending zigzag in the wave y of (b) or (x).
More detailed structure is shown on the H1 chart. The price is moving inside the triangle again, which means that it may start forming the wave y. On Wednesday, the pair may fall towards its local lows.
USD JPY, “US Dollar vs Japanese Yen”
Probably, after finishing the diagonal triangle in the wave [c] of 2 and the bullish impulse in the wave [i], the USD/JPY pair completed the flat in the wave [ii]. As a result, during the next several days the market may move upwards in the wave [iii] of 3.
As we can see at the H1 chart, the pair completed the wave (c) of the flat[ii] along with the bullish impulse in the wave (i). It’s highly likely that in the nearest future the market may finish the correction and resume moving upwards in the wave (iii) of [iii].
AUD USD, “Australian Dollar vs US Dollar”
It looks like after finishing the ascending zigzag[ii] of the diagonal triangle5, the AUD/USD pair is about to start falling in the wave (a). Consequently, in the nearest future the market may break its local lows.
More detailed structure is shown on the H1 chart. After finishing the diagonal triangle in the wave v of (c), the pair may complete the descending impulse in the wave i. Right now, the price is completing the flat in the wave ii and, as a result, may resume falling in the wave iii of (a).
RoboForex Analytical Department
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.