Wave Analysis 28.02.2017 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
EUR USD, “Euro vs US Dollar”
Possibly, the EUR/USD pair is forming the extension in the wave [iii]. Earlier, the price completed the bearish impulse in the wave [i] along with the correctional wave [ii]. Consequently, in the nearest future the market may continue moving downwards.
As we can see at the H1 chart, the wave (ii) turned out to be quite large and took the form of the zigzag. After finishing the wave ii, the pair may start falling in the wave iii of (iii) and, as a result, break the last week’s low.
GBP USD, “Great Britain Pound vs US Dollar”
The GBP/USD pair is still forming the wave (b) or (x), which is taking the form of the double three. Later, the market may start a short-term decline and form the zigzag in the wave y.
More detailed structure is shown on the H1 chart. After finishing the wave x, the pair formed the bearish impulse in the wave [A]. On Tuesday, the local correction may take place, but later the price is expected to resume falling in the wave [C] of y.
USD JPY, “US Dollar vs Japanese Yen”
It looks like the USD/JPY pair is about to complete the wave [ii]. Earlier, the price finished the bullish impulse in the wave [i]. However, considering the depth of the current correction, one is recommended to wait until the market confirms the wave [iii] by forming the ascending impulse or the wedge inside this wave.
Probably, the wedge in the wave (i) is exactly the pattern which is being formed at the H1 chart right now. However, the price has to confirm this scenario by completing the pattern.
AUD USD, “Australian Dollar vs US Dollar”
In case of the AUD/USD pair, the main scenario still implies that the price finished the zigzag in the wave [ii]. Consequently, in the nearest future the market may resume falling and form the descending impulse in the wave (a) of [iii].
More detailed structure is shown on the H1 chart. The pair may yet continue forming the wave ii. However, after finishing the local correction, the market may resume moving downwards and form the bearish impulse 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.