Wave analysis and forecast for 10.03 – 17.03: The pair is undergoing correction. The decline is likely to continue.

Estimated pivot point is at the level of 1.0157.

Analysis: Presumably, the formation of the first wave I within the third wave of the senior level continues. Locally, it is likely that the downward correction ii of 3 is being developed within which a wave (a) is being formed. If this assumption is correct, the decline in the pair can continue to 1.0050 – 1.0014. Critical level for this scenario is 1.0157.

Alternative scenario: Breakout and consolidation of the price above the level of 1.0157 will trigger the rise in the pair to 1.0220 – 1.0280.

Our opinion: Sell the pair from correction below the level of 1.0157 with the target of 1.0050 – 1.0014.

GBP/USD Wave analysis and forecast for 10.03 – 17.03

Wave analysis and forecast for 10.03 – 17.03: The pair is likely to rise.

Estimated pivot point is at the level of 1.2131.

Analysis: Presumably, the formation of the upward correction as the wave 4 of the senior level continues. Locally, it seems that the wave (c) of b of 4 has completed. If this assumption is correct, the pair may resume growth up to 1.2300 – 1.2476. Critical level for this scenario is 1.2131. Breakdown of this level may trigger further decline in the pair up to 1.1989.

Alternative scenario: Breakout and consolidation of the price below the level of 1.2131 will trigger further decline in the pair to 1.1989.

EUR/USD Wave analysis and forecast for 10.03 – 17.03

Wave analysis and forecast for 10.03 – 17.03: The pair is likely to decline.

Estimated pivot point is at the level of 1.0614.

Analysis: Presumably, the formation of the fifth wave 5 of the senior level continues, within which the third wave iii of 5 is being developed. Locally, it seems that the upward correction as the wave (ii) of iii is completed. If this assumption is correct, the pair may continue to decline to 1.0420 – 1.0350. Critical level for this scenario is 1.0614.

Alternative scenario: Breakout and consolidation of the price above the level of 1.0614 may trigger further rise in the pair up to 1.0660 – 1.0700.

Silver spot Intraday: key resistance at 18.4000. 01 March 2017

Pivot: 18.4000

Our preference: short positions below 18.4000 with targets at 18.2000 & 18.1200 in extension.

Alternative scenario: above 18.4000 look for further upside with 18.4800 & 18.5500 as targets.

Comment: the RSI advocates for further decline.

Gold spot Intraday: key resistance at 1248.80. 01. March 2017

Pivot: 1248.80

Our preference: short positions below 1248.80 with targets at 1240.75 & 1235.50 in extension.

Alternative scenario: above 1248.80 look for further upside with 1252.00 & 1258.50 as targets.

Comment: the RSI is bearish and calls for further decline.

Pivot: 0.8505

Our preference: long positions above 0.8505 with targets at 0.8555 & 0.8580 in extension.

Alternative scenario: below 0.8505 look for further downside with 0.8470 & 0.8435 as targets.

Comment: the RSI is mixed to bullish.

USD/CAD Intraday: further upside. 01 March 2017

Pivot: 1.3230

Our preference: long positions above 1.3230 with targets at 1.3355 & 1.3380 in extension.

Alternative scenario: below 1.3230 look for further downside with 1.3195 & 1.3165 as targets.

Comment: the RSI is mixed to bullish.

GBP/USD Intraday: under pressure. 01 March 2017

Pivot: 1.2405

Our preference: short positions below 1.2405 with targets at 1.2345 & 1.2310 in extension.

Alternative scenario: above 1.2405 look for further upside with 1.2445 & 1.2475 as targets.

Comment: technically the RSI is below its neutrality area at 50.

USD/JPY Intraday: the upside prevails. 01 March 2017

Pivot: 112.70

Our preference: long positions above 112.70 with targets at 113.75 & 114.05 in extension.

Alternative scenario: below 112.70 look for further downside with 112.40 & 111.90 as targets.

Comment: the RSI advocates for further upside.

EUR/USD Intraday: under pressure. 01 March 2017

Pivot: 1.0590

Our preference: short positions below 1.0590 with targets at 1.0540 & 1.0520 in extension.

Alternative scenario: above 1.0590 look for further upside with 1.0610 & 1.0630 as targets.

Comment: the RSI is mixed to bearish.

USD/CAD Wave analysis and forecast for 10.02 – 17.02: Downtrend dominates.

Estimated pivot point is at the level of 1.3216.

Our opinion: Sell the pair from correction below the level of 1.3216 with the target of 1.2809.

Alternative scenario: Breakout and consolidation of the price above the level of 1.3216 will trigger further rise in the pair up to 1.3380.

Analysis: Presumably, the formation of the wave C of the senior level continues.
Locally it is likely that the upward correction ii of C has developed and the third wave iii of C is being formed, within which the wave (ii) has completed and the third wave of the junior level (iii) is being formed. If this assumption is correct, the pair may continue to decline to 1.2809. Critical level for this scenario is 1.3216. After breaking out this level, the pair will continue to rise up to 1.3380.