Wave analysis of EURUSD, GBPUSD, AUDUSD on February 09.
Most likely, the development of the downward corrective wave [iii] as part of the downward impulse c was totally completed. In this regard, in the near future, a small corrective recovery is possible within the wave [iv]. It should be noted that the wave [iv] very often takes the form of a prolonged lateral correction, so we can see the lateral flat on the following days. In addition, today there is no important macroeconomic statistics, this fact also contributes to the formation of a lateral flat.
Yesterday we saw a sharp shot of the price in the ascending direction, after which the currency pair returned to its previous level. It is likely that now we see the initial part of the rising wave, which can be quite powerful and swift. Thus, in the near future, market growth is possible. Today in the UK will be published a number of important news at 13:30 GMT Time. The most significant news is the publication of data on the change in the volume of industrial production. In the period of news, it is desirable to be extremely cautious.
The downward trend is not slowing down and continues to move lower and lower. After the total completion of the impulse wave 3, the currency pair is expected to rise within the framework of the upward correction 4. Moreover, the development of the bullish correction 4 may begin in the nearest hours. If the assumption is true, we will see a slight rise in the currency pair on subsequent trading days. However, it should be borne in mind that the downtrend is not yet complete, and after wave 4 another downward impulse 5 will be built.
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