Wave Analysis 02.08.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
02.08.2016
Forecast for August 2nd, 2016
EUR USD, “Euro vs US Dollar”
In case of the EUR/USD pair, the main scenario remains the same and implies that the current correction may yet continue. It looks like the price is the wave E in the triangle(B). On the minor wave level, the market may continue growing in the wave [c].
More detailed structure is shown on the H1 chart. Probably, yesterday the price completed the wave (ii) and in the future may continue growing in the third wave. On Tuesday, the market may finish the wave i and start a new local correction.
GBP USD, “Great Britain Pound vs US Dollar”
In case of the GBP/USD, the correction may continue as well. In the future, the market may continue growing in the wave (c) of [ii]. As a result, the market may break the high of the wave (a) quite soon.
As we can see at the H1 chart, after finishing the wave (b) in the form of the double three, the price formed the bullish wedge in the wave i. Consequently, in the nearest future the market may move upwards in the wave iii of (c).
USD JPY, “US Dollar vs Japanese Yen”
The USD/JPY pair continues moving downwards in the wave [v] of C. On the minor wave level, the price is falling in the third wave and forming the extension in the wave (iii). On Tuesday, the market may continue falling.
More detailed structure of the current descending movement is shown on the H1 chart. It’s highly likely that the price started falling in the fifth wave of the wave iii. Possibly, the market may reach a new low during the day.
AUD USD, “Australian Dollar vs US Dollar”
The main scenario remains the same and implies that the AUD/USD pair is forming the diagonal triangle in the wave [c] of 4. It’s highly likely that in the nearest future the market may grow a little bit inside the fifth wave.
At the H1 chart, it looks like the pair has completed the wave ii. Consequently, in the nearest future the market may start growing in the third wave and break the high of the wave i of (v).
RoboForex Analytical Department
Attention!
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.