Wave Analysis 05.07.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
05.07.2016
Forecast for July 5th, 2016
EUR USD, “Euro vs US Dollar”
It looks like the EUR/USD pair is about to complete the wave (ii). Earlier, the price finished the diagonal triangle in the wave (c) of [ii] and the descending impulse in the wave (i). As a result, in the nearest future the market may start falling in the wave (iii) of [iii].
More detailed structure is shown on the H1 chart. Probably, the price has finished the diagonal triangle in the wave c of (ii). On the minor wave level, the pair has completed the zigzag in the wave [5]. It’s highly likely that on Tuesday the market may start forming the wave i of (iii).
GBP USD, “Great Britain Pound vs US Dollar”
At the H4 chart, the price continues forming the extension in the wave [iii]. Earlier, after forming the fast bearish impulse in the wave [i], the GBP/USD pair completed the correctional wave [ii]. Consequently, in the nearest future the market may continue falling.
More detailed structure is shown on the H1 chart. It looks like the GBP/USD pair completed the diagonal triangle in the wave (c) of [ii]. Later, the price formed the bearish impulse in the wave (i) and the correction inside the second wave. In the future, the market may start falling in the wave (iii) of [iii].
USD JPY, “US Dollar vs Japanese Yen”
The USD/JPY pair continues forming the wave [v] in the form of the diagonal triangle. It looks like the fourth wave of this wave has been already completed. As a result, in the nearest future the pair may resume falling in the wave (v) of [v].
As we can see at the H1 chart, the USD/JPY pair has probably finished the wave (iv) in the form of the zigzag. Consequently, in the future the price may fall in the fifth wave as the market has already started forming the bearish impulse a inside it.
AUD USD, “Australian Dollar vs US Dollar”
Probably, the AUD/USD pair is about to finish the correctional wave (ii) and may soon start falling in the third wave. As a result, the closest target is the minimum of the wave (i).
More detailed structure of the diagonal triangle in the wave c of (ii) is shown on the H1 chart. Considering that the market may have already completed the wave [5], during the day the price may start a new decline in the wave i of (iii).
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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.