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The objective of this paper is to develop a novel wind speed forecasting technique, which produces more accurate prediction. The Wavelet Transform (WT) along with the Auto Regressive Moving Average (ARMA) is chosen to form a hybrid whose combination is expected to give minimum Mean Absolute Prediction Error (MAPE). A simulation study has been conducted by comparing the forecasting results using the Wavelet-ARMA with the ARMA and Artificial Neural Network (ANN)-Ensemble Kalman Filter (EnKF) hybrid technique to verify the effectiveness of the proposed hybrid method. Results of the proposed hybrid show significant improvements in the forecasting error.