Wave Analysis 09.06.2017 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
EUR USD, “Euro vs US Dollar”
The EUR/USD pair is falling, which means that it probably completed the wave [a] or [w]. On a shorter timeframe, the price finished the diagonal triangle in the wave [5] of c. To confirm a new decline, the market has to complete the wave i.
As we can see at the H1 chart, the pair is probably forming the third wave in the descending impulse i. however, in the nearest future the market may start a new local correction in the wave [4] of i.
GBP USD, “Great Britain Pound vs US Dollar”
After a sharp decline, the main scenario changed. Right now, it implies that the GBP/USD pair may start falling in the wave (5). If this assumption is correct, then the price may complete the correction and then continue moving downwards in the wave [iii] of 3 of (5).
More detailed structure is shown on the H1 chart. The pair completed the diagonal triangle in the wave [c] of 2 and, as a result, started falling quickly. Probably, the price formed the impulse in the wave [i] of 3. Later, after finishing the correction, the market may resume moving downwards.
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).
It’s highly likely that the price completed the wedge in the wave [1] at the H1 chart. Later, after finishing the local correction, the market may continue growing and break the local high.
AUD USD, “Australian Dollar vs US Dollar”
Probably, the AUD/USD pair completed the wave (y) in the double zigzag[ii]. To confirm a new decline, the price has to form the bearish impulse in the wave [iii].
At the H1 chart, the pair probably finished the zigzag in the wave (y) of [ii]. Possibly, right now the price is forming the descending impulse in the wave i of (i). After completing this wave, the local correction may take place, 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.