EUR/USD: Wave analysis and forecast for 29.01 – 05.02: The pair is undergoing; the rise in the pair is possible.
Estimated pivot point is at the level of 1.0786.
Our opinion: Buy the pair from correction above the level of 1.0786 with the target of 1.1150 – 1.1250.
Alternative scenario: Breakout and consolidation of the price below the level of 1.0786 will allow the pair to continue decline to 1.07 - 1.0630.
Analysis: Presumably, the formation of the third wave 3 of the senior level continues. Locally, it seems that the correction as the wave (ii) of iii has completed and the third wave (iii) is being formed, within which a small one-two impetus I has been formed. If this assumption is correct, after the completion of the correction ii, the pair will continue to rise up to 1.1150 – 1.1250. Critical level for this scenario is 1.0786. Breakdown of this level will trigger the decline in the pair to 1.07 - 1.0630.
GBP/USD: Wave analysis and forecast for 29.01 – 05.02: The pair is undergoing correction; the decline in the pair is possible.
Estimated pivot point is at the level of 1.4495.
Our opinion: Wait for the completion of the correction and sell the pair below the level of 1.4495 with the target of 1.3950 – 1.3750.
Alternative scenario:
Breakout and consolidation of the price above the level of 1.4495 will
enable the pair to continue the rise to the level of 1.4935.
Analysis: The formation of the downtrend continues in the third wave of the senior level iii of 3. At the moment, it seems the impetus is being formed in the third wave of the junior level iii of 3, within which the local correction as the fourth wave (iv) is being formed. If this assumption is correct, after the completion of the correction the pair will continue to decline to 1.3950 – 1.3750. Critical level for this scenario is 1.4495. Breakdown of this level will cause the rise in the pair up to 1.4935.
USD/CHF: Wave analysis and forecast for 29.01 – 05.02: The pair is likely to decline.
Estimated pivot point is at the level of 1.0108.
Our opinion: Sell the pair after breakdown of the level of 1.0108 with the target of 0.9470.
Alternative scenario:
Breakout and consolidation of the price above the level of 1.0323 allow
the pair to continue the rise up to the levels of 1.04 – 1.05.
Analysis:
Presumably, upward correction as the wave ii of С has completed. Within
this wave a double zigzag (w)(x)(y) has been formed. Locally, it seems
that the formation of the final wave c of (y) has completed in the
second zigzag. If this assumption is correct, after breakdown of the
level of 1.0108, the pair will continue to decline to the level of 0.95
in the third wave. Crtical level for this scenario is 1.0323.
USD/JPY: Wave analysis and forecast for 29.01 – 05.02: Correction has completed; long-term upward trend continues.
Estimated pivot point is at the level of 117.55.
Our opinion: Buy the pair from correction above the level of 117.55 with the target of 123.55 or above.
Alternative scenario:
Breakout and consolidation of the price below the level of 117.55 will
allow the pair to continue decline to the levels of 115.00 – 114.00.
Analysis:
The formation of the wave С of 4 as the large correction has completed.
At the moment it is likely that one-two impetus is being formed as the
first wave in the fifth wave (5) of the senior level. If this assumption
is correct and the price does not break down the critical level of
117.55, in the medium-term the pair may continue to rise to the levels
of 125.50 – 130.00 in the fifth wave.
USD/СAD: Wave analysis and forecast for 29.01 – 05.02: The decline in the pair is likely to continue.
Estimated pivot point is at the level of 1.4150.
Our opinion:
Sell the pair from correction below the level of 1.4150 with the target
of 1.38. In case of breakdown of the level of 1.4150, buy with the
target of 1.4330 – 1.4450.
Alternative scenario:
Breakout and consolidation of the price above the level of 1.4150 will
enable the pair to continue the rise up to the level of 1.4330 – 1.4450.
Analysis: Presumably, the formation of the upward momentum has completed in the fifth wave of the senior level v of 5 of (3). Locally, it is likely that the “bearish” correction is developing, within which a zigzag (a)(b)(c) seems to be formed. If this assumption is correct and the price does not break down the critical level of 1.4150, the pair can decline to the level of 1.38.
The analytical materials are provided by
Aleksander Geuta,
a trader and analyst of LiteForex
