Forecast for August 4th, 2016
EUR USD, “Euro vs US Dollar”
The wave structure of the H4 chart is quite complicated. On the one hand, the main scenario still implies that the EUR/USD pair may continue forming the wave E of (B)
. At the same time, two previous impulses may also be the zigzag,
which may result in a new decline of the pair. Thus, one should follow the price movements very carefully and wait until the market confirms one of these scenarios.
As we can see at the H1 chart, the pair has formed the descending impulse, which may be the wave a of (ii)
. However, considering that according to an alternative scenario this impulse is the first wave, I’m thinking about selling during the correction with the target at the next bearish impulse.
GBP USD, “Great Britain Pound vs US Dollar”
Probably, the wave (c)
is taking the form of the diagonal triangle
. Consequently, in the nearest future the market may continue moving inside the flat
towards the high of the wave (a)
More detailed structure is shown on the H1 chart. It looks like the pair is forming the fourth wave in the diagonal triangle
. After finishing the local correction, the market may start growing in the wave v of (c)
USD JPY, “US Dollar vs Japanese Yen”
The USD/JPY pair continues moving downwards. It looks like the price is forming the bearish impulse in the wave [v] of C
and may yet continue falling in the extended
More detailed structure of the current decline is shown on the H1 chart. It looks like the price is about to finish the wave iv
. Consequently, quite soon the market may start resume falling in the wave v of (iii)
AUD USD, “Australian Dollar vs US Dollar”
It’s highly likely that in the nearest future the market may continue forming the diagonal triangle
in the wave [c] of 4
. On the minor wave level, the pair is expected to continue growing and forming the fifth wave to reach the pattern’s upside border.
As we can see at the H1 chart, after finishing the double zigzag
in the fourth wave, the pair completed the ascending impulse in the wave i
. As a result, in the nearest future the market may continue forming the ascending impulse in the wave iii of (v)
RoboForex Analytical Department
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