Wave Analysis 08.07.2015 (EUR/USD, GBP/USD, USD/JPY, USD/CAD)

08.07.2015

Analysis for July 8th, 2015

EUR USD, “Euro vs US Dollar”

Eurodollar is forming an extension inside wave [iii] of 1 of (C) of a large descending impulse. We should pay particular attention to a possible alternative scenario (colored in gray), which implies that the pair may be forming horizontal triangle inside wave (B) of [Y]. However, according to both scenarios the market is expected to continue falling.



The pair is finishing wave (ii) of [iii] of 1, which may be followed by a fast decline inside wave (iii) of [iii] of 1 and new local lows.




GBP USD, “Great Britain Pound vs US Dollar”

Probably, Pound is forming another extension inside wave [iii] of 1 of (3), which may result in a significant decline of the pair. At the same time, an alternative scenario implies that the market has just now completed the first impulse, [i] of 1 of (3), which may be followed by a local ascending correction inside wave [ii] of 1 of (3).



Probably, the pair is about to finish wave i of (iii) of [iii], which may be followed by an ascending movement inside wave ii of (iii) of [iii] and a further decline.




USD JPY, “US Dollar vs Japanese Yen”

Yen continues testing its local lows and extending wave 2 of (5) of [5]. Right now, Yen is being corrected in the form of double zigzag, but wave (c) of [y] of 2, probably, is taking the form of ending diagonal triangle.



Probably, Yen is finishing wave iii of (c) of [y] inside ending diagonal triangle(c) of [y] of 2. In the future, the pair is expected to test its lows and then start a fast growth inside wave 3 of (5) of [5].




USD CAD, “US Dollar vs Canadian Dollar”

Most likely, Canadian Dollar has finished wave i of (iii) of [v] of a large ascending impulse and right now is expected to start a correction inside wave ii of (iii) of [v]. After that, the market may continue growing.



Wave [5] of i of (iii) has turned out to be longer than we expected. Right now, the price is being corrected inside wave ii of (iii) of [v], which may be followed by a new growth.



 
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.

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