Wave Analysis 08.06.2017 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
EUR USD, “Euro vs US Dollar”
It looks like the EUR/USD pair is still forming the wave [a] or [w]. On a shorter timeframe, the price may yet continue forming the wave [5] of c. Consequently, on Thursday the market may break the local high.
As we can see at the H1 chart, the pair completed the wedge(1), the correctional wave (2), and, probably, the bullish impulse in the wave (3) of [5]. As a result, on Thursday the market may continue moving upwards.
GBP USD, “Great Britain Pound vs US Dollar”
Probably, 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 low, but later it is expected to form another bullish impulse in the wave [v] of C.
It’s highly likely that the diagonal triangle in the wave c of (b) is still being formed. Consequently, in the nearest future the market may continue growing. Later, after finishing the wave (b), the market may start falling in the wave (c) of [iv].
USD JPY, “US Dollar vs Japanese Yen”
Possibly, after finishing the ascending impulse in the wave (i), the USD/JPY pair completed the wave (ii). As a result, later 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 and then the bullish impulse in the wave (1) of [1]. After finishing the local correction, the market may continue growing and break the local high.
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 Thursday 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 after finishing this wave, 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.