Wave Analysis 07.08.2015 (EUR/USD, GBP/USD, USD/JPY, USD/CAD)

07.08.2015

Analysis for August 7th, 2015

EUR USD, “Euro vs US Dollar”

By now, Eurodollar has already formed three first waves inside a larger descending impulse, and it makes the wave structure a bit more complicated. However, after finishing the local correction ii of (iii) of [iii], the pair is expected to start a significant decline.



Wave ii of (iii) of [iii] is taking the form of an ascending double zigzag, which lacks one more five-wave ascending structure to be completed. In the nearest future, the price is expected to finish this correctional pattern and continue moving downwards.




GBP USD, “Great Britain Pound vs US Dollar”

Just as we expected, Pound has broken its flat downwards and, probably, started a significant decline. In the nearest future, the price is expected to continue moving downwards and finish wave (i) of [iii] of 1.



Wave (4) of [3] of iii is taking the form of horizontal triangle, which may be followed by a descending movement and completion of wave [3] of iii of (i).




USD JPY, “US Dollar vs Japanese Yen”

The situation isn’t changing. Yen is expected to continue growing inside wave [iii] of 3 of (5).



Probably, the pair has finished wave [4] of iii of (iii), which may be followed by a new local high and completion of wave [5] of iii of (iii).




USD CAD, “US Dollar vs Canadian Dollar”

Canadian Dollar continues forming wave ii of (v) of [v], which may be followed by a fast growth inside wave iii of (v) of [v].



The market is still forming ii of (v) of [v] in the form of a descending zigzag, which may be followed by a fast growth inside wave iii of (v) of [v].



 
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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