Wave Analysis 08.08.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
08.08.2016
Forecast for August 8th, 2016
EUR USD, “Euro vs US Dollar”
It looks like the EUR/USD pair started falling and right now is extending the third wave in the wave [v]. As a result, in the nearest future the market may continue falling in the current impulse.
More detailed structure is shown on the H1 chart. Probably, the pair formed the first wave in the wave (iii). Consequently, after finishing the local correction, the market may resume moving downwards in the wave iii of (iii).
GBP USD, “Great Britain Pound vs US Dollar”
It looks like the GBP/USD pair has probably completed the wave [ii] in the form of the double three. It’s highly likely that in the nearest future the market may continue falling and soon break the low of the wave [i].
As we can see at the H1 chart, after finishing the wave [ii], the pair has completed the descending impulse in the wave (i). On Monday, the market may start a new local correction, which may be followed by a new decline in the wave (iii).
USD JPY, “US Dollar vs Japanese Yen”
The USD/JPY pair is still forming the descending impulse in the wave [v] of C and may yet continue falling in the extended wave (iii). As a result, in the nearest future the market may break the low of the wave iii.
As we can see at the H1 chart, the pair is about to finish the wave iv in the third descending wave. Earlier, the market formed the extension in the wave iii. To confirm a new descending movement in the wave v of (iii), the price has to form the first wave inside it.
AUD USD, “Australian Dollar vs US Dollar”
The AUD/USD pair continues forming the diagonal triangle in the wave [c] of 4. It’s highly likely that in the nearest future the market may test the pattern’s upside border. If the price rebounds from it, the market may resume moving downwards.
As we can see at the H1 chart, after finishing the double zigzag in the wave (iv), the pair has completed the ascending wedge in the wave a. As a result, after finishing the local correction, the market may grow a little bit in the wave c 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.