Wave Analysis 23.06.2015 (EUR/USD, GBP/USD, USD/JPY, USD/CAD)
23.06.2015
Analysis for June 23rd, 2015
EUR USD, “Euro vs US Dollar”
Euro hasn’t been able to reach new local highs. Right now, there are at least four possible scenarios of wave (B) of [Y] and all of them meet the stated demands. One of them implies that the price is forming diagonal triangle inside wave [c] of Y of (B). At the same time, another possible scenario (colored in gray) suggests that the market may be forming of horizontal triangle inside wave (B) of [Y]. Right now, the situation is quite unclear.
After finishing zigzag inside wave (i) of [c] of Y, the pair has started forming a correctional wave (ii) of [c] of Y in the form of double zigzag. In the nearest future, the market is expected to complete this pattern and start growing 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 finishing wave C of (2) of [3]. To complete this wave, the market lacks a five-wave structure inside wave [v] of C of (2).
The price is forming wave [iv] of C of (2) inside an ascending channel and trying to rebound from its border. Probably, in the nearest future Pound may continue growing and forming wave [v] of C of (2).
USD JPY, “US Dollar vs Japanese Yen”
Despite the fast ascending movement, most likely Yen hasn’t finished the correction inside wave 2 of (5) of [5] yet. At the same time, there is an alternative scenario (colored in gray), which implies that the price has already completed wave 2 of (5) of [5].
The pair is still being corrected inside wave (b) of [y] of 2, which may be followed by a new local low inside wave (c) of [y] of 2.
USD CAD, “US Dollar vs Canadian Dollar”
Canadian Dollar is being corrected close to the critical level, that’s why both scenarios may equally happen. So, most likely the price is still forming the correction inside wave (ii) of [v] of 3. At the same time, an alternative scenario implies that the market has already completed wave (ii) of [v] of 3 and right now is forming the first five-wave ascending structure inside wave (iii) of [v] of 3. The situation will be cleared up within the next 24 hours
The pair continues forming wave [B] of y of (ii) in the form of double zigzag. The price is expected to fall inside wave [C] of y of (ii) and complete double zigzag(ii) of [v] of 3.
RoboForex Analytical Department
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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.