Wave Analysis 26.07.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
26.07.2016
Forecast for July 26th, 2016
EUR USD, “Euro vs US Dollar”
In case of the EUR/USD pair, the main scenario remains bearish. Earlier, the price completed the wave (ii) in the form of the double three. Consequently, in the nearest future the market may continue falling in the third wave.
More detailed structure is shown on the H1 chart. Probably, the pair has formed the diagonal triangle[1] in the wave iii and then the correction in the second wave. It’s highly likely that in the nearest future the market may move downwards in the wave [3] of iii.
GBP USD, “Great Britain Pound vs US Dollar”
Probably, the GBP/USD pair is still forming the wedge in the wave 5. The current chart structure implies that the price may continue falling in the wave [iii]. As a result, the market may break minimum of the wave [i] quite soon.
As we can see at the H1 chart, the pair is about to start falling in the wave [3] of iii. Earlier, the price formed the wave i and then the correction ii. As a result, during the week the market may continue falling while forming the current impulse.
USD JPY, “US Dollar vs Japanese Yen”
The USD/JPY pair is still being corrected. Earlier, the price completed the wave [v] and then formed the bullish impulse in the wave (i). In the nearest future, the market may finish the wave (ii) and resume growing in the third wave.
More detailed structure is shown on the H1 chart. It looks like the pair is about to finish the wave c of (ii). If later the price forms a new bullish impulse, the market may start a new ascending movement.
AUD USD, “Australian Dollar vs US Dollar”
In case of the AUD/USD pair, the main scenario remains bearish. It looks like after finishing the wave [ii] in the form of the double zigzag, the price formed the descending impulse in the wave (i). Consequently, in the nearest future the market may start a new decline in the third wave.
More detailed structure of the wave (i) is shown on the H1 chart. Probably, the price has completed the zigzag in the wave (ii) and then may soon start forming another descending wave. To confirm this scenario, the market has to form the bearish impulse in the wave i.
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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.