Wave Analysis 01.06.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)

01.06.2016

Forecast for June 1st, 2016

EUR USD, “Euro vs US Dollar”

Eurodollar is still forming the descending impulse in the wave [i]. On the minor wave level, the price is about to complete the fourth wave. Consequently, in the nearest future the market may continue falling in the wave (v) of [i].



As we can see at the H1 chart, the pair has completed the horizontal triangle(iv). If the price rebounds from the pattern’s upside border during the day, the market may resume falling in the wave (v) of [i].




GBP USD, “Great Britain Pound vs US Dollar”

It looks like Pound is starting a new decline as well. Probably, earlier the price completed the correctional wave (ii). Consequently, during the next several days the market may continue moving downwards and break the minimum of the wave (i).



As we can see at the H1 chart, the wave (ii) took the form of the zigzag, which was followed by the bearish impulse in the wave i. As a result, quite soon Pound may start forming the descending extension in the wave iii of (iii).




USD JPY, “US Dollar vs Japanese Yen”

It looks like Yen has completed the wave (i). At the moment, the price is forming the correctional wave (ii), which may continue for the next several days. Later, the pair may resume moving upwards.



More detailed structure is shown on the H1 chart. It looks like Yen is finishing the third wave of the impulse a. In the future, the price may start a new local correction, which may be followed a short-term decline in the wave [5] of v.




AUD USD, “Australian Dollar vs US Dollar”

Australian Dollar is still forming the descending impulse in the wave [i]. On the minor wave level, the price has completed the fourth wave. Consequently, on Wednesday the market may start falling in the wave (v) of [i].



At the H1 chart, the wave (iv) is taking the form of the double zigzag. Later, after finishing the wave y, Australian Dollar may fall in the wave (v) of [i] and break the minimum of the wave (iii).



 
RoboForex Analytical Department
Attention!

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.

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