Wave Analysis 22.06.2015 (EUR/USD, GBP/USD, USD/JPY, USD/CAD)
22.06.2015
Analysis for June 22nd, 2015
EUR USD, “Euro vs US Dollar”
There are several possible scenarios, which imply different correctional patterns inside wave (B) of [Y]. Taking into account DX and other US Dollar currency pairs, we may assume that Euro is forming wave [c] of Y of (B) of double zigzag inside wave (B) of [Y]. In the future, the market is expected to continue moving upwards.
After finishing horizontal triangle inside wave [b] of Y of (B), the pair has formed wave (i) of [c] of Y and a descending double three inside wave (ii) of [c] of Y. In the nearest future, the market is expected to start a new ascending movement inside wave (iii) of [c] of Y.
GBP USD, “Great Britain Pound vs US Dollar”
Pound continues forming the correction inside wave (2) of [3] in the form of zigzag. Right now, the price is forming “leg” C of this zigzag, wave (iii) of [iii] of C to be exact, which may be extended. In the future, the market is expected to continue growing.
The price is still moving sideways, which is yet more proof that it is forming a horizontal correction. Probably, Pound may form a horizontal triangle, after which it may continue growing and complete wave (iii) of [iii] of C.
USD JPY, “US Dollar vs Japanese Yen”
Yen continues forming wave 2 of (5) of [5], which may be followed by a fast ascending movement inside wave 3 of (5) of [5].
Probably, the pair has already completed wave (b) of [y] of 2 and right now is making the final descending movement inside wave (c) of [y] of 2. The market is expected to reach a new local low.
USD CAD, “US Dollar vs Canadian Dollar”
Similar to Yen, Canadian Dollar is still forming wave (ii) of [v] of 3 in the form of double zigzag, which may be followed by a new ascending movement inside wave (iii) of [v] of 3. At the same time, there is an alternative scenario, which implies that the market has already completed wave (ii) of [v] of 3. The situation will be cleared up within the next couple of days.
In order to finish wave (ii) of [v] of 3, the price must reach a new local low inside wave [C] of y of (ii). The market is expected to continue falling.
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.