Wave Analysis 11.02.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
11.02.2016
Forecast for February 11th, 2016
EUR USD, “Euro vs US Dollar”
It looks like Eurodollar is about to complete the fifth wave in the form of the diagonal triangle in the impulse [c]. In the nearest future, the price may break yesterday’s high, finish the wave (v), and then start falling in the wave (i).
More detailed structure is shown on the H1 chart. After completing the zigzag in the wave (iv), Eurodollar has started the diagonal triangle in the wave (v). On the minor wave level, the pair may finish the wave iii and, after the local correction, 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) and then finished the double zigzag in the wave (ii). During the day, the pair may continue falling in the wave bearish wave iii of (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 quite soon 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 fall, and then, after forming the bullish impulse, start another ascending correction.
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.
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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.