Wave Analysis 01.08.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
01.08.2016
Forecast for August 1st, 2016
EUR USD, “Euro vs US Dollar”
It’s highly likely that the current correction may yet continue. The wave (B) may take the form of the horizontal triangle with the wave E inside it. Consequently, in the nearest future the market may continue growing in the wave [c] of E.
More detailed structure is shown on the H1 chart. It looks like the price has formed the bullish impulse in the wave (i). After finishing the local correction, the pair may resume moving upwards in the wave (iii) of [c].
GBP USD, “Great Britain Pound vs US Dollar”
In case of the GBP/USD, the correction may continue as well. Possibly, in the nearest future the market may resume growing in the wave (c) of [ii]. As a result, during the next several days the market may break the high of the wave (a).
As we can see at the H1 chart, after finishing the wave (b) in the form of the double three, the price formed the ascending wedge in the wave i. In the future, the market may finish the local correction and resume moving upwards in the wave iii of (c).
USD JPY, “US Dollar vs Japanese Yen”
The USD/JPY pair continues forming the descending impulse in the wave [v] of C. Earlier, the price completed the zigzag in the wave [iv]. Consequently, in the nearest future the market may continue falling in the wave iii of (iii).
More detailed structure is shown on the H1 chart. Probably, the price is forming the descending extension in the wave iii. In the nearest future, the market is expected to finish the bearish wave [3] of iii and start a new local correction.
AUD USD, “Australian Dollar vs US Dollar”
It’s highly likely that the AUD/USD pair is forming the diagonal triangle in the wave [c] of 4. Last week, the price completed the fourth wave and resumed moving upwards. As a result, in the future the market may break the high of the wave (iii).
As we can see at the H1 chart, the wave (iv) took the form of the double three. Later, the price formed the bullish impulse in the wave i. Consequently, after finishing the local correction, the market may resume growing in the third wave.
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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.