Wave Analysis 31.08.2015 (EUR/USD, GBP/USD, USD/JPY, USD/CAD)
31.08.2015
Analysis for August 31st, 2015
EUR USD, “Euro vs US Dollar”
Obviously, Eurodollar has completed the first five-wave structure [i] of 1 of (C) of the larger descending impulse. After the local correction [ii] of 1 of (C), the price is expected to continue falling and reach new local lows.
Just as we expected, after reaching a new local low in the wave (v) of [i] of 1, Eurodollar has completed the impulse and right now is forming the short-term correction [ii] of 1 of (C). In the nearest future, the market is expected to complete this correction and continue falling.
GBP USD, “Great Britain Pound vs US Dollar”
After finishing the first descending impulse (i) of [iii] of 1, Pound has started the ascending correction, which may be followed by a further decline in the wave (ii) of [iii] of 1.
After completing the wave (i) of [iii] of 1, Pound has formed the ascending correction in the form of the expanded flat. In the nearest future, the price is expected to finish this correction and start a new decline.
USD JPY, “US Dollar vs Japanese Yen”
Yen continues forming the wave (3) of [5] of a. Most likely, the pair as already completed another first impulse in the larger wave 1 of (3) of [5]. After the local correction, the market is expected to continue moving upwards.
Most likely, the price is extending the wave [iii] of 1 of (3) and has already finished the wave (i) of [iii] of 1 inside it. After completing the correction (ii) of [iii] of 1, the market is expected to continue moving upwards.
USD CAD, “US Dollar vs Canadian Dollar”
Canadian Dollar isn’t showing a serious ascending dynamics, but the main forecast is still bullish. Most likely, in the nearest future the pair may reach new local highs while forming the wave (iii) of [v] of 5.
Probably, the pair has already formed the third first impulse in the large ascending wave [v] of 5. After finishing the correction [2] of iii of (iii), the price is expected to start continue growing.
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.