Wave Analysis 01.07.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
01.07.2016
Forecast for July 1st, 2016
EUR USD, “Euro vs US Dollar”
In case of the EUR/USD pair, the correction continues. Earlier, after completing the diagonal triangle in the wave (c) of [ii], the market formed the bearish impulse in the wave (i). It’s highly likely that next week the pair may start falling in the third wave.
More detailed structure is shown on the H1 chart. It looks like the price is forming the diagonal trianglec in the flat(ii). In the nearest future, the market may yet continue forming the triangle pattern.
GBP USD, “Great Britain Pound vs US Dollar”
In case of the GBP/USD pair, the situation is rather similar. It looks like the price may yet continue forming the wave [ii]. Earlier, the pair formed the fast descending impulse in the wave [i]. Consequently, next week the market may resume falling in the wave [iii].
As we can see at the H1 chart, the GBP/USD pair is probably forming the diagonal triangle(c) in the flat[ii]. In the nearest future, the market may grow a little bit in the wave iii of (c).
USD JPY, “US Dollar vs Japanese Yen”
The main scenario still implies that the wave [v] is taking the form of the diagonal triangle. On the minor wave level, the pair has probably completed the fourth wave. As a result, in the nearest future the pair may resume falling in the wave (v) of [v].
As we can see at the H1 chart, the USD/JPY pair has finished the wave (iv) in the form of the zigzag. On the minor wave level, yesterday the market completed the wave c. Consequently, in the nearest future the price may start a new decline in the wave a of (v).
AUD USD, “Australian Dollar vs US Dollar”
The AUD/USD pair is also being corrected. Earlier, the price completed the double zigzag in the wave [ii] and the descending impulse in the wave (i). It’s highly likely that in the future the market may resume falling in the wave (iii) of [iii].
At the H1 chart, the AUD/USD pair is probably still forming the diagonal triangle in the wave c of (ii). On Friday, the market may break the local high while forming the wave [5]. Later, if the price rebounds from the triangle’s upside border, it may start falling.
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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.