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Wave analysis and forecast for 17.02.2017 – 24.02.2017 by Liteforex

 


EUR/USD Wave analysis and forecast for 17.02 – 24.02: The pair is likely to decline.

Estimated pivot point is at the level of 1.0710.

Our opinion: Sell the pair from correction below the level of 1.0710 with the target of 1.0525 - 1.0350.

Alternative scenario: Breakout and consolidation of the price above the level of 1.0710 may trigger further rise in the pair up to 1.0825.

Analysis: Presumably, the formation of the upward correction, as the fourth wave 4 of the senior level, has completed. Locally it seems that the fifth wave 5 is being developed, within which an impetus as the wave i of 5 is being formed. It is also assumed that the upward correction ii of 5, which has reached the level of 50%, has completed. If this assumption is correct, the pair will continue to decline to 1.0525 - 1.0350. Critical level for this scenario is 1.0710.


GBP/USD Wave analysis and forecast for 17.02 – 24.02: The pair is likely to decline.

Estimated pivot point is at the level of 1.2705.

Our opinion: Sell the pair from correction below the level of 1.2705 with the target of 1.2262.

Alternative scenario: Breakout and consolidation of the price above the level of 1.2705 will trigger further rise in the pair to 1.28 – 1.29.

Analysis: Presumably, the formation of the upward correction as the wave 4 of the senior level, continues. Locally, it seems that the wave a of 4 has been formed as an impetus and the correction triple, as the wave b of 4, is being developed. If this assumption is correct, the pair may continue to decline to 1.2262. Critical level for this scenario is 1.2705.


USD/CHF Wave analysis and forecast for 17.02 – 24.02: The pair is likely to rise.

Estimated pivot point is at the level of 0.9859.

Our opinion: Buy the pair from correction above the level of 0.9859 with the target of 1.0112 or higher up.

Alternative scenario: Breakdown and consolidation of the price below the level of 0.9859 will trigger further decline in the pair to 0.9800.

Analysis: Presumably, the formation of the downward correction, as the wave 2 has completed. Locally, it is likely that the first wave i has been formed within the expected third wave and the downward correction ii , which has reached the level of 62%, seems to be nearing completion. If this assumption is correct, the pair can continue to rise up to 1.0112 or higher. Critical level for this scenario is 0.9859.


USD/JPY Wave analysis and forecast for 17.02 – 24.02: The decline in the pair is likely to continue.

Estimated pivot point is at the level of 115.00.

Our opinion: Sell the pair from correction below the level of 115.00 the target of 108.15.

Alternative scenario: Breakout and consolidation of the price above the level of 115.00 will trigger further rise to 118.58.

Analysis: Presumably, the formation of the wave (С) continues. Locally, it is likely that the upward correction as the second wave ii has completed and the one-two impetus of the junior level has been formed in the third wave iii. If this assumption is correct, the pair may continue to decline to 108.15. Critical level for this scenario is 115.00.

USD/CAD Wave analysis and forecast for 17.02 – 24.02: Downtrend dominates.

Estimated pivot point is at the level of 1.3123.

Our opinion: Sell the pair from correction below the level of 1.3123 with the target of 1.2809.

Alternative scenario: Breakout and consolidation of the price above the level of 1.3123 will trigger further rise in the pair up to 1.3232.

Analysis: Presumably, the formation of the wave C of the senior level continues. Locally it is likely that the third wave (iii) of iii of C is being developed, within which the wave ii has completed and the third wave of the junior level iii is being formed. Critical level for this scenario is 1.3123. After breaking out this level, the pair will continue to rise up to 1.3232.

 

Source: http://www.liteforex.com/

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