Wave analysis of EURUSD, GBPUSD, AUDUSD on February 26.
The market is currently moving within a small upward correction wave [iv], which consists of three parts. It is very likely that after a while the development of this correction will be fully completed, and we will see a decline in the currency pair within the new downward momentum [v]. It is likely that the decline will begin after the publication of data in the afternoon on sales of new buildings in the US. The Mortgage Lending Association reported on the increase in the number of loans issued, which indicates the release of positive data. This can help strengthen the dollar and reduce the currency pair.
Most likely, we see the development of an ascending correction wave (b), as part of a descending zigzag wave [z]. Thus, in the near future it is expected to complete the construction of the bullish correction (b), and the beginning of the decline of the currency pair within the downward momentum (c). In favour of this scenario may be evidenced by the fact that in the second half of the day the States can please us with positive statistics on sales of new buildings, at which time a downward wave may begin to develop (c).
After the completion of the downward correction wave (b), we saw the beginning of the market rise within the ascending impulse wave (c), which is the final part of the wave plane [X]. It is possible that the bullish impulse is being formed now. Thus, today the price growth is possible. It is possible that the growth will be somewhat restrained by the publication of macroeconomic data in the US, but at the moment the impulse 3 looks quite confident. Thus, the main scenario for today is bottom-up.
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