Wave Analysis 02.02.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
02.02.2016
Forecast for February 2nd, 2016
EUR USD, “Euro vs US Dollar”
Probably, Eurodollar has finished the horizontal triangle in the wave 4; the pair has rebounded from the pattern’s upper border and started forming the bearish impulse in the wave [i]. On Tuesday, the market may continue moving downwards.
As we can see at the H1 chart, the wave (c) of [e] has taken the form of the diagonal triangle. After completing the bearish impulse in the wave (i), Eurodollar started a new local correction. In the nearest future, the market may start falling in the wave (iii) of [i].
GBP USD, “Great Britain Pound vs US Dollar”
The pair continues forming the descending extension in the wave 3. It looks like the pair is about to complete the local correction in the wave [iv]. During the next several days, Pound may continue moving downwards and break the minimum while forming the wave [v] of 3.
As we can see at the H1 chart, the wave [iv] is taking the form of the zigzag. Earlier, Pound formed the flat in the wave (b). In the future, after completing the wave v of (c), the market may resume its descending movement.
USD JPY, “US Dollar vs Japanese Yen”
Probably, Yen has completed the wave C in the form of the zigzag in the wave (4). In the nearest future, the market may continue forming the bullish impulse in the wave [i] or [a].
As we can see at the H1 chart, after completing the bullish impulse in the wave (iii), Yen has started a new correction. It’s highly likely that the pair may finish the wave (iv) during the day. To confirm this scenario, the market has to form the ascending impulse in the wave i of (v).
AUD USD, “Australian Dollar vs US Dollar”
Probably, at the end of last week the price finished the wave [iv] in the wave 5, which is taking the form of the diagonal triangle. In the future, the pair may resume its decline in the bearish wave [v] of 5.
As we can see at the H1 chart, the wave (c) of [iv] has taken the form of the diagonal triangle. On the minor wave level, the market has formed the descending impulse in the wave (i). After completing the local correction, the pair may start falling in the wave (iii) of [v].
RoboForex Analytical Department
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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.