Wave Analysis 27.07.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
27.07.2016
Forecast for July 27th, 2016
EUR USD, “Euro vs US Dollar”
In case of the EUR/USD pair, the main scenario remains the same and implies that the price may continue falling inside the third wave. It looks like earlier the pair completed the wave (ii) in the form of the double three. Consequently, in the nearest future the market may continue moving towards the low of the wave (i).
More detailed structure is shown on the H1 chart. It’s highly likely that after forming the wedge [1], the price completed the correction [2]. As a result, in the nearest future the market may continue moving downwards in the wave [3] of iii.
GBP USD, “Great Britain Pound vs US Dollar”
The GBP/USD pair continues forming the diagonal triangle in the wave 5. At the moment, the price is falling in the third wave. In the nearest future, the market may continue falling and soon break minimum of the wave [i].
As we can see at the H1 chart, the pair has probably completed the wave [2], which corrected the previous descending impulse. As a result, during the day the market may start falling in the wave [3] of iii.
USD JPY, “US Dollar vs Japanese Yen”
Yesterday, the USD/JPY pair completed the wave (ii) and then started growing fast. Earlier, the price formed the ascending impulse in the wave (i), which means that it may form another bullish impulse, probably in the wave (iii).
As we can see at the H1 chart, the wave (ii) has taken the form of the zigzag. It looks like right now the price is forming the bullish impulse in the wave i. Later, after finishing the local correction, the market may start a more significant growth in the wave iii of (iii).
AUD USD, “Australian Dollar vs US Dollar”
After finishing the descending wave (i), the AUD/USD pair has started a new correction. Later, after completing the wave (ii), the price may start falling in the wave (iii) and reach several new lows.
As we can see at the H1 chart, the price has completed the ascending impulse in the wave a and may continue the current correction. Consequently, after finishing the wave b, the market may start a local growth in the wave c of (ii).
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.