Wave analysis of EURUSD, GBPUSD, AUDUSD on February 16.

 

EUR/USD

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.

 

GBP/USD

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.

 

AUDUSD

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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Care. The provided market analysis materials are a professional opinion of an associate of ARUM CAPITAL. These materials are provided for infomation purposes only. In no way can the provided analysis be considered as an action signal, neither is it any sort of investment advice (for the purposes of EU Directive 2004/39/EC). ARUM CAPITAL waives any liability for the trading results which may arise after using these reviews. These materials contain NO warranties or guarantees, either direct or implicit, on the precise, complete or confirmed character of the details they contain.

 

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