Wave Analysis 06.06.2017 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
EUR USD, “Euro vs US Dollar”
It looks like the EUR/USD pair is about to finish the ascending wave [a] or [w]. On a shorter timeframe, the price is forming the diagonal triangle in the wave [5] of c. In the nearest future, the market may break the local high and then start the descending wave (a).
As we can see at the H1 chart, it’s highly likely that the pair is finishing the fourth wave in the diagonal triangle[5]. As a result, in the nearest future the market may resume growing in the wave (5) of [5].
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.
At the H1 chart, the pair is about to complete the diagonal triangle in the wave c of (b). if the price rebounds from the pattern’s upside border, the market may resume falling in the wave (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. The price is forming the descending impulse in the wave [C] of y. In the nearest future, the market may yet continue falling. To confirm a new growth in the wave (iii), the price has to form a new bullish impulse.
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 Tuesday the market may break the local high. To confirm a new decline, the price has to form the bearish impulse in the wave [iii].
At the H1 chart, yesterday the market completed the ascending impulse in the wave a. In the future, the price may form another bullish impulse in the wave c of (y), which may later be followed by a new decline.
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.