Wave Analysis 23.02.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
23.02.2016
Forecast for February 23rd, 2016
EUR USD, “Euro vs US Dollar”
After the end of the upward momentum in the wave [c] of C, the euro dollar resumed its decline. Later on, a downward momentum in the wave (i) was formed, subsequently corrected by wave (ii). In the short term a further decline in the wave (iii) is likely.
A more detailed breakdown is shown on the hourly chart. Apparently, after the formation of the pulse in the wave (i), a wedge in wave i was formed. In the short term, the end of the wave v of (iii) and the beginning of the correction are likely.
GBP USD, “Great Britain Pound vs US Dollar”
The wave [iv] took the form of a zigzag, the end of which was the start of a decrease in the wave [v] of 3. At the minor wave level growth and a local correction will probably start. Subsequently, the price may resume its decline in wave (v).
The hourly chart shows a more detailed layout. Presumably, wave (iii) has completed and the correction began. It is very likely that during Tuesday we will see local market growth in the wave c of (iv).
USD JPY, “US Dollar vs Japanese Yen”
On the four-hour chart the formation of Y of (4) wave was completed, taking the form of a zigzag. Subsequently, the bullish momentum in the wave (i) has been formed. It is very likely that soon after the end of the correction, continued growth in the wave (iii) will follow.
As seen on the hourly chart, after the end of the pulse in the wave (i), the correction began. Probably wave (ii) is coming to an end, as part of which the downward momentum is completed in wave c. In the short term, resumption of growth is possible.
AUD USD, “Australian Dollar vs US Dollar”
Formation of wave [ii], taking the form of a Double Zigzag, continues. Subsequently, renewed downward movement of price within wave [iii] as part of a Diagonal Triangle is possible.
On the hourly chart, wave (w) takes the form of a zigzag. At the minor wave level, the continuation of the bullish momentum in the wave c is possible. In the future, the return of the currency pair to a decline is possible.
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.