Wave Analysis 28.08.2015 (EUR/USD, GBP/USD, USD/JPY, USD/CAD)
28.08.2015
Analysis for August 28th, 2015
EUR USD, “Euro vs US Dollar”
A fast and deep decline has completely ruined the previous scenario. So, most likely, Eurodollar has completed the wave (B) of [Y] (in the form of the double zigzag) and right now is forming first descending impulses of a strong and significant descending movement in favor of the US Dollar. In the nearest future, the market is expected to complete the wave [i] of 1 of (C) and start the short-term correction [ii] of 1 of (C).
There are three extension in the wave (iii) of [i] of 1, and after the horizontal movement in the wave (iv) of [i] of 1, the market is expected to continue falling and reach a new local low.
GBP USD, “Great Britain Pound vs US Dollar”
Just as we expected, Pound continues falling in the wave v of (i) of [iii]. After finishing the local correction (ii) of [iii] of 1, the market is expected to continue moving downwards.
Probably (taking into account a fast and deep decline), the pair has already finished the wave (ii) of [iii] of 1, that’s why, if the price crosses the confirming level (crimson line on the chart), it’s highly likely that Pound will start forming the wave (iii) of [iii] of 1.
USD JPY, “US Dollar vs Japanese Yen”
The wave structure on the H4 chart has changed a bit. Obviously, right now Yen is forming a large extension in the fifth wave of the ascending impulse (not long ago, the pair completed the wave (2) of [5] of a inside it). In the future, the pair is expected to start a significant growth.
The price movement inside first ascending impulses isn’t quite clear right now, but probably, the pair has completed two leading diagonal triangles, which mean a large ascending extension on the wave [ii] of 1 of (3). In the future, the market is expected to move upwards.
USD CAD, “US Dollar vs Canadian Dollar”
After completing the local correction ii of (iii) of [v], the price may continue moving upwards and reach new local highs.
The wave ii of (iii) of [v] has taken the form of the descending double zigzag and hasn’t broken the critical level. At the moment, the price is expected to start a significant growth the wave iii of (iii) of [v].
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.