Wave analysis of EURUSD, GBPUSD, AUDUSD on February 16.
In line with expectations, the market continues to move in an upward direction, forming a fairly powerful impulse (5). While the potential of this wave is far from exhausted, therefore, in the coming trading days, the rise of the currency pair is expected to continue. In addition, we have not yet seen a wave, which in its form and size was similar to the fourth part of the pulse. So, for the time being only the third wave is formed, hence the market still has much to grow. Today, you should pay attention to the data on the number of issued construction permits (17:30 GMT Time), this news can accelerate the growth of the currency pair.
After the completion of the construction of the downward corrective wave [ii], we saw a very fast ascending wave [iii], which does not yet look complete. Most likely, in the near future the growth of the currency pair will continue. In addition, today we can expect positive data on retail sales, as in the UK there is an increase in the income of the population, it also can contribute to price growth. Also, the pound is supported by an upward trend in the oil market, as GBPUSD and Brent crude oil usually have a strong correlation. In this situation, it is possible to open and hold long positions.
In accordance with previous reviews, we see the development of an upward impulse wave C, within which a third part is formed. Thus, it is expected that the market will continue to grow in the coming trading days. In this situation, it is possible to open long positions. The publication of data in the United States on the number of issued construction permits can accelerate the process of upward movement.
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