Top Forex Brokers:Forex Wave analysis and forecast of 07.02 – 14.02
Our opinion: Sell the pair from correction below the level of 1.3740 with the target of 1.33 – 1.30.
Alternative scenario: Breakout of the level of 1.3740 will enable the price to continue growth to the level of 1.40.
Analysis: Presumably, the third wave of the higher level in the medium-term downtrend is being formed. At the moment, the first in-lead wave in the third one has formed and the formation of the upward correction as the second wave is nearing completion. If this assumption is true, and in case the price does not break down crucial level of 1.3740, it will make sense to expect decline in the pair to 1.33 – 1.30 within the third wave.
GBP/USD Wave analysis and forecast for 07.02 – 14.02: The pair is likely to decline. Estimated pivot point is at the level of 1.6626.
Our opinion: In the short-term: sell the pair with the target of 1.62. In the medium-term: wait for the formation of upward correction.
Alternative scenario: Breakout of the level of 1.6626 will enable the pair to continue growth in the uptrend .
Analysis: It is not excluded that medium-term reversal towards correction is being formed. It is assumed that the formation Zigzag in the first wave (daily time-frame) has completed. Locally, downward momentum as the first wave is ongoing, however it is nearing completion and at the moment upward correction in the second wave may be generated.
USD/CHF Wave analysis and forecast for 07.02 – 14.02: The pair is likely to continue growth. Estimated pivot point is at the level of 0.8900.
Our opinion: Buy the pair from correction above the level of 0.8900 with the target of 0.92 - 0.93.
Alternative scenario: Breakdown and consolidation below the level 0.8900 will enable the pair to continue decline to the levels of 0.87 – 0.86.
Analysis: Presumably, the third wave of the higher level is being formed. Locally it is likely that the formation of the local correction as the wave 2 of iii has completed. If this assumption is true, it makes sense to expect the rise in price up the levels of 0.92 – 0.93 within the third wave 3 of iii.
USD/JPY Wave analysis and forecast for 07.02 – 14.02: Potential of decline in the pair is preserved. Estimated pivot point is at the level of 104.90.
Our opinion: In the short-term: sell the pair with the target of 100.0. In the medium-term: wait for the formation of upward correction.
Alternative scenario: Breakdown of the level of 104.90 will enable the pair to continue growth in the uptrend up to the level of 106.0.
Analysis: The pair continues to decline. It is not ruled out that in-lead impetus is developing at the moment. Locally, the price generates the fourth wave of the momentum iv of 1 of (a). If this assumption is true, in the short-terms we can expect another wave of decline to the level of 100.0, and then reversal towards correction of the higher level 2 of (a). On the daily and weekly time-frames it is possible that formation of ascending momentum has completed and we witness price reversal to correction to the entire momentum.
USD/CAD Wave analysis and forecast for 07.02 – 14.02: Uptrend prevails. Growth in the pair is likely to continue. Estimated pivot point is at the level of 1.0979.
Our opinion: Buy the pair above the level of 1.0979 with the target of 1.13 – 1.14.
Alternative scenario: Breakout of the level of 1.0979 will enable the pair to continue decline, starting a deeper correction.
Analysis: On the weekly time-frame it is possible that the formation of the third wave of the global correction ABC is ongoing. Locally, extension in the third wave of a senior level is being formed. If this assumption is true, it makes sense to expect that growth in the third wave (3) will continue.
Source From: LiteForex Broker
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