Wave analysis of EURUSD, GBPUSD, AUDUSD on February 13.
Most likely, the market continues to form an upward correction wave [iv], which, judging by its internal structure, takes the form of an ascending zigzag. The signal to the fact that today's growth can be continued is the situation on the debt market, where the profit differential of the 10-year government bonds of Germany and the US demonstrates corrective growth, which contributes to the rise of the currency pair in the short term. And given that tomorrow the US will publish a report on the January inflation, which can please investors with strong data, the dollar may start to actively strengthen, provoking a decline in the currency pair in a downward impulse.
According to the previous review, we see the development of a small ascending correction wave 4, which consists of three parts. At the moment, the third part of this correction is coming to an end, after completion of which, the market may begin to move in a downward direction. It should be noted that the course of trading today will be determined by inflation data in the UK for January (the report will be published at 09:30 GMT Time). Moreover, in the UK there is a decline in retail trade, as real incomes of the population are falling, and the number of people receiving unemployment benefits is increasing. Against the backdrop of such a situation, the quotations may decrease in wave 5 after the publication of the data.
The market continues to advance in the upward direction as part of the bullish correction wave 4. It is very likely that this wave will soon be totally completed, and after that we will see a new downward impulse part, which will be a wave 5. Thus, in the current currency pair, a reversal and the beginning of a downward movement are possible.
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