Wave Analysis 06.09.2012 (EUR/USD, GBP/USD, USD/CHF, USD/JPY)

Analysis for September 6^th, 2012

EUR/USD

We may assume that the pair has finished (or is finishing) a large correction [X]. At the moment the price is moving inside a new ascending trend, wave [Y].



One of the possible scenarios implies that the price is finishing an ascending wedge (i) and we can expect a descending correction (ii).



It looks like Euro is finishing an ascending wedge (i) with diagonal triangle v of (v) of [i]. We can expect a descending correction (ii). If the assumption is correct, one can consider opening short positions.

GBP/USD

We may assume that an ascending wave [с] of B started with wedge (i) of [c] of B.



One of the possible scenarios implies that the price is finishing an ascending wedge (i) and we can expect a descending correction (ii) of [c].



It looks like Pound is finishing an ascending wedge (i) with diagonal triangle [5] of v of (i). We can expect a descending correction (ii). If the assumption is correct, one can consider opening short positions.

USD/CHF

We may assume that the price has completed double zigzag (4), and started forming a final descending wave (5) with wedge [i] of A of (5).



Another possible scenario implies that the price is finishing a descending wedge [i]. We can expect an ascending correction [ii].



It looks like the price is completing a descending wedge [i] with diagonal triangle v of (v) of [i]. We can expect an ascending correction [ii]. If the assumption is correct, one can consider opening long positions.

USD/JPY

The fact that the price is moving inside a narrow range implies that the pair is probably finishing a large horizontal correction [4] of V.



We may assume that a horizontal correction [4] may be completed with horizontal triangle (E) of [4].



It looks like a final wave (E) of [4] of triangle [4] is also taking the form of triangle. If it’s true, then it’s quite logical to expect the price to complete a final wave E of (E) of [4] and then form a descending wave [5].