Wave Analysis 29.06.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
29.06.2016
Forecast for June 29th, 2016
EUR USD, “Euro vs US Dollar”
After Friday’s decline, the EUR/USD pair is “standing still”. Before that, the price formed the diagonal triangle in the wave (c) of [ii]. It’s highly likely that later the pair may continue forming the extension in the wave (iii).
More detailed structure is shown on the H1 chart. Probably, the price has formed the wave [1] in the wave iii. Consequently, after finishing the local correction, the pair may start falling in the third wave.
GBP USD, “Great Britain Pound vs US Dollar”
It’s highly likely that the GBP/USD pair has started forming the extension in the wave [iii]. Earlier, the market completed the wave 4 in the form of the double three. Consequently, after finishing the current correction, the price may resume falling and break the previous low.
As we can see at the H1 chart, the GBP/USD pair is probably finishing the wave (ii) in the form of the zigzag. Considering that the current correction is taking too much time, one should wait until the market starts a new descending movement, in this case – the descending wave i of (iii).
USD JPY, “US Dollar vs Japanese Yen”
It’s highly likely that the wave [v] is taking the form of the diagonal triangle. As a result, in the nearest future, the local correction may finish and the pair may start falling in the wave (v) of [v].
At the H1 chart, the USD/JPY pair is probably finishing the wave c of (iv). During the day, the price may reach a new local low and then start a new decline in the wave a of (v).
AUD USD, “Australian Dollar vs US Dollar”
After completing the zigzag in the wave [ii], the AUD/USD pair formed the bearish impulse in the wave (i). Later, after finishing the correction, the market may start falling in the wave (iii) and break the low of the wave [i].
At the H1 chart, Australian Dollar is probably finishing the wave ii. Earlier, the pair formed the fast wave (i). Consequently, in the future the price may resume falling in the wave iii of (iii) and break previous lows.
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.