Wave Analysis 07.06.2017 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
EUR USD, “Euro vs US Dollar”
Probably, the EUR/USD pair finished the ascending wave [a] or [w]. On a shorter timeframe, the price formed the diagonal triangle in the wave [5] of c. In the nearest future, the market may form the descending impulse in the wave i of (a).
As we can see at the H1 chart, the pair completed the fifth wave in the diagonal triangle along with the descending impulse [1] and the correctional wave [2]. As a result, in the nearest future the market may continue falling in the wave i.
GBP USD, “Great Britain Pound vs US Dollar”
The GBP/USD pair is still forming the wave [iv]. Earlier, the price completed the bullish extension in the wave [iii]. In the future, the market may break the local high, but later it is expected to form another bullish impulse in the wave [v] of C.
Yesterday, the pair completed the diagonal triangle in the wave c of (b) along with the bearish impulse in the wave i. Later, after finishing the local correction, the market may resume falling in the wave iii of (c) of [iv].
USD JPY, “US Dollar vs Japanese Yen”
The USD/JPY pair is still forming the bearish wave (ii). Earlier, the price completed the ascending impulse in the wave (i). Possibly, in the nearest future the market may resume growing in the wave (iii).
More detailed structure is shown on the H1 chart. It’s highly likely that the price completed the descending impulse in the wave [C] of y. To confirm a new growth in the wave (iii), the price has to form the bullish impulse in the wave [1].
AUD USD, “Australian Dollar vs US Dollar”
The AUD/USD pair may yet continue forming the wave (y) in the double zigzag[ii]. Consequently, on Wednesday the market may continue moving upwards. To confirm a new decline, the price has to form the bearish impulse in the wave [iii].
At the H1 chart, after finishing the zigzag(x), the price started growing in the wave c of (y). it’s highly likely that in the nearest future the market may resume moving downwards in the wave [iii].
RoboForex Analytical Department
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.