Wave analysis and forecast for 15/02/2019 – 22/02/2019

                                                    EUR/USD

The pair EUR/USD is still likely to fall. Estimated pivot point is at a level of 1.1412.

Main scenario: short positions will be relevant from corrections below the level of 1.1412 with a target of 1.1200 – 1.1120.

Alternative scenario: breakout and consolidation above the level of 1.1412 will allow the pair to continue the rise up to the levels of 1.1512 – 1.1572.

Analysis: Supposedly, a descending correction of senior level in the form of the wave (2) continues developing on the daily time frame with the wave C of (2) developing within. On the H4 time frame, presumably an ascending correction has finished developing in the form of wave  ii of C. On the H1 time frame, apparently, the third wave  iii of С of (2) started forming, with the wave (iii) of iii forming inside. If the presumption is correct, the pair will continue to drop to the levels of 1.1200 – 1.1120. The level 1.1412 is critical in this scenario.

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                                                                    GBP/USD

The GBP/USD pair is under correction, still likely to fall. Estimated pivot point is at a level of 1.2959.

Main scenario: short positions will be relevant from corrections below the level of 1.2959 with a target of 1.2710 – 1.2650.

Alternative scenario: breakout and consolidation above the level of 1.2959 will allow the pair to continue the rise up to the levels of 1.3212 – 1.3390.

Analysis: Supposedly, a descending correction of senior level in the form of the second wave (2) finished developing within the daily frame in the form of a zigzag. Supposedly, the first counter-trend wave of junior level i of 1 of (3) has been formed and a descending correction is developing in the form of wave  ii of 1  on the H4 time frame. On H1 time frame, apparently the wave (b) of ii has been formed and the wave (c) of ii is developing at the moment. If the presumption is correct, the pair will continue to drop to the levels of  1.2710 – 1.2650. The level  1.2959 is critical in this scenario.

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                                                                    USD/CHF

The pair USD/CHF is likely to fall under correction. Estimated pivot point is at a level of 1.0150.

Main scenario: short positions will be relevant from corrections below the level of 1.0150 with a target of 0.9929 – 0.9876. 

Alternative scenario: Breakout and consolidation above the level of  1.0150 will allow the pair to continue rising to a level of 1.0300 and higher.

Analysis: The first wave of senior level 1 of (3) has been formed on the daily time-frame and the downward correction 2 of (3) has finished developing. Supposedly, the first counter-trend wave i of 1 of (3) of junior level finished forming as an impetus on the H4 time frame. Apparently, a descending correction is forming as wave ii of 1 of (3) on the H1 time frame.  If this assumption is correct, the pair will continue dropping to  0.9929 – 0.9876 in the short term. The level  1.0150 is critical in this scenario.

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                                                                   USD/JPY

The pair USD/JPY is still likely to grow. Estimated pivot point is at a level of 109.65.

Main scenario: long positions will be relevant above the level of  109.65 with a target of 111.42 – 113.67. 

Alternative scenario: breakout and consolidation below the level of 109.65 will allow the pair to continue declining to the levels at 107.73 – 106.20. 

Analysis: Supposedly, the wave of senior level (C) of B continues developing on the daily time frame, with the wave 2 of (C) formed inside. Supposedly, the local correction finished forming as wave 2 of (C) on the H4 time frame and the first counter-trend wave of junior level i of 3 of (C) is forming at the moment. Apparently, the wave  (v) of i is forming on the H1 time frame.  If this assumption is correct, the pair will continue to rise to 111.42 – 113.67. The level  109.65 is critical in this scenario.

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                                                                    USD/CAD

The pair USD/CAD is still likely to grow. Estimated pivot point is at a level of 1.3193.

Main scenario: long positions will be relevant from corrections above the level of 1.3193 with a target of  1.3660. 

Alternative scenario: breakout and consolidation below a level of 1.3193 will allow the pair to continue declining to a level of 1.3067 and further below.

Analysis: Supposedly, an ascending trend continues to form as the third wave of senior level 3 of (5) on the daily time frame. On the 4-hour time frame, the first wave  i of 3 has been formed and a downward correction ii of 3 is completed in the form of a zigzag. On the H1 time-frame, apparently, an ascending impetus in the form of wave of junior level (i) of i of 3 has been formed and the correction (ii) of i is completed. If this assumption is correct, the pair will go on growing to a level of 1.3660 and higher. The level  1.3193 is critical in this scenario.

 

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