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Wave Analysis 07.09.2012 (EUR/USD, GBP/USD, USD/CHF, USD/JPY)

07.09.2012

Analysis for September 7th, 2012 EUR/USD

We may assume that the pair has finished a large correction [X] and at the moment the price is moving inside a new ascending trend, (double) zigzag [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).

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 and long horizontal correction [4] of V.

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

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

Attention!

Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.