Wave analysis for EUR/USD, GBP/USD, USD/JPY and AUD/USD on 29.02.2016

EUR/USD currency pair



Presumably, in the euro dollar the formation of the descending impulse in wave [i] completed. Last Friday wave (v) finished, respectively, growth as part of wave (a) will probably start in the near future. It is very likely that next week the market will hold within the framework of the correctional wave [ii].





The hourly chart shows a more detailed layout. After the end of the zigzag in wave (iv) a bearish impulse in wave (v) of [i] has been formed. Apparently, the wave i is formed on the minor wave level. After the local correction further growth of quotations in the wave iii of (a) is possible.



GBP/USD currency pair



The pound probably completed the formation of the descending extension in the pulse wave (iii). Accordingly, in the short term, perhaps there is a beginning of a rising correction – in wave (iv), which may last all week.





As you can see from the hour chart, the wave v of (iii) was formed at the end of last week. In the short term we may see the beginning of a bullish momentum in wave a of (iv). During Monday price movement up may continue.



USD/JPY currency pair



Presumably, in the yen a Diagonal Triangle in wave [c] is forming, which includes a possible continuation of decline in the third wave. Subsequently a further decline of the currency pair and the breakdown of the minimum of wave (i) is likely.





On the hourly chart, after the end of the descending impulse in wave a, a zigzag in wave b was formed. At the minor wave level, the price formed wave [1]. Accordingly, after the local correction decline in wave [3] of c is likely.



AUD/USD currency pair



Formation of wave [ii] is completed, likely in the form of a Double Zigzag. In the short term, we are likely to see the resumption of the downward movement of the price within wave [iii] as part of a diagonal triangle within wave 5 wave at the senior level.





The hourly chart shows a more detailed layout. Presumably, wave (a) is becoming a Diagonal Triangle with an emerging fourth wave. During the day, the development of a local ascending correction may continue.