Analysis for June 22nd, 2015
EUR USD, “Euro vs US Dollar”
There are several possible scenarios, which imply different correctional patterns inside wave
(B) of [Y]. Taking into account DX and other US Dollar currency pairs, we may assume that Euro is forming wave
[c] of Y of (B) of
double zigzag inside wave
(B) of [Y]. In the future, the market is expected to continue moving upwards.
After finishing
horizontal triangle inside wave
[b] of Y of (B), the pair has formed wave
(i) of [c] of Y and a descending
double three inside wave
(ii) of [c] of Y. In the nearest future, the market is expected to start a new ascending movement inside wave
(iii) of [c] of Y.
GBP USD, “Great Britain Pound vs US Dollar”
Pound continues forming the correction inside wave
(2) of [3] in the form of
zigzag. Right now, the price is forming “leg”
C of this
zigzag, wave
(iii) of [iii] of C to be exact, which may be extended. In the future, the market is expected to continue growing.
The price is still moving sideways, which is yet more proof that it is forming a horizontal correction. Probably, Pound may form a horizontal
triangle, after which it may continue growing and complete wave
(iii) of [iii] of C.
USD JPY, “US Dollar vs Japanese Yen”
Yen continues forming wave
2 of (5) of [5], which may be followed by a fast ascending movement inside wave
3 of (5) of [5].
Probably, the pair has already completed wave
(b) of [y] of 2 and right now is making the final descending movement inside wave
(c) of [y] of 2. The market is expected to reach a new local low.
USD CAD, “US Dollar vs Canadian Dollar”
Similar to Yen, Canadian Dollar is still forming wave
(ii) of [v] of 3 in the form of
double zigzag, which may be followed by a new ascending movement inside wave
(iii) of [v] of 3. At the same time, there is an alternative scenario, which implies that the market has already completed wave
(ii) of [v] of 3. The situation will be cleared up within the next couple of days.
In order to finish wave
(ii) of [v] of 3, the price must reach a new local low inside wave
[C] of y of (ii). The market is expected to continue falling.
RoboForex Analytical Department