Wave analysis of EURUSD, GBPUSD, AUDUSD on February 06.
In accordance with the forecast, we saw a downward movement of the currency pair over the past 24 hours. Most likely, wave c has come to its end. Therefore, there is a possibility that today we will see a small advance of the currency pair in a downward direction to the area of the low that formed the wave a, after which the market may begin to rise. It should be noted that today there is no important macroeconomic statistics, so the market will move in a calm manner. The most important news for today is the publication in the United States at 17:30 GMT Time of data on the balance of foreign trade.
As expected, we saw a downward movement of the currency pair over the last trading day. The market is likely to have completed the formation of the bearish impulse wave [c] of 4, so the development of a new upward impulse wave 5 can begin in the near future. If the assumption is true, soon we will see the first small bullish impulse and correction to it, after which the local ascending trend. For lack of important macroeconomic statistics, quiet movements on the market today are expected.
In accordance with expectations, we see a rather powerful downtrend in the last sector, which is the correctional wave B. It is likely that the first part of wave B is now forming, which takes the form of an impulse. Thus, after a small decrease, a large correction of 4 may develop, after which the movement in the downward direction will continue. It should be borne in mind that today in Australia at 07:30 GMT Time a number of important news will be published that can significantly accelerate the movement of quotations for several hours.
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