Wave analysis of EURUSD, GBPUSD, AUDUSD on February 07.
As expected, the market completed the formation of a downward correction wave [W]. It is very likely that in the near future we will see an upturn in the currency pair within the new bull wave, but it is unlikely that this rise will be large. It is possible that the entire correction wave XX, of which the wave [W] is an integral part, will take the form of a prolonged lateral correction. From the news, today we should pay attention to the speech of FOMC member William Dudley, and to publish data on crude oil reserves from the US Department of Energy, but it is unlikely that this news will lead to powerful movements in the market.
The market sank somewhat lower than expected in previous reviews. Nevertheless, the entire wave 4 looks completely finished. Therefore, in the near future we can see a new uptrend that will take the form of an impulse wave 5. However, one should note that today there is no important macroeconomic statistics, so the probability that we will see a powerful trend is not great. It is possible that today the market will form only the first steps on the way of the movement in the ascending direction.
It is very likely that the market began forming the initial part of the correctional wave 4. Most likely, this wave will consist of three waves of a smaller wave level and take the form of a zigzag or a wave plane. After the full completion of wave 4, the probability is high that we will see a decline in the market within the new downward momentum 5.
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