Wave analysis of EURUSD, GBPUSD, AUDUSD on February 01.

 

EUR/USD

In accordance with expectations, the development of a small ascending wave was completed, which we designated as b, and at the moment a bear wave is being constructed c. Thus, in accordance with the current wave counting, we can expect a decline. In favour of a downward scenario, the situation in the credit markets is also indicative. In addition, today we can expect a positive release on the ISM index for the US manufacturing sector, which can also support the American currency. All these factors tell us that today we can see the downward movement of the currency pair.

 

GBP/USD

The market continues to build a corrective wave 4, within which the middle part of the wave is nearing completion. Thus, in accordance with the current wave pattern, the full completion of the corrective wave [b] is soon expected, after which we are most likely to see a downward movement in the wave [c] of 4. The situation in the debt market also contributes to the downward movement of the currency pair. In addition, we should not forget that in the second half of the day positive macroeconomic statistics from the United States is expected to emerge. Thus, today there is a possibility of a decline in quotations.

 

AUDUSD

In accordance with the previous forecast, the development of the local upward wave was completed, and after that the market began to fall quite rapidly within the framework of a new downward momentum. Most likely, we see the initial part of the correctional wave B, which can take the form of a zigzag, or other correctional model. Anyway, at the moment the market is dominated by bears.

 


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Care. The provided market analysis materials are a professional opinion of an associate of ARUM CAPITAL. These materials are provided for infomation purposes only. In no way can the provided analysis be considered as an action signal, neither is it any sort of investment advice (for the purposes of EU Directive 2004/39/EC). ARUM CAPITAL waives any liability for the trading results which may arise after using these reviews. These materials contain NO warranties or guarantees, either direct or implicit, on the precise, complete or confirmed character of the details they contain.

 

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