Analysis for August 20th, 2015
Probably, Eurodollar has completed the local correction inside the double zigzag C of (B) of [Y], after which the pair may start a new growth and complete this correctional structure.
EUR USD, “Euro vs US Dollar”
Probably, in the nearest future the price may complete the wave i of (c) of [y] and the local correction ii of (c) of [y]. After that, the pair is expected to continue moving upwards.
GBP USD, “Great Britain Pound vs US Dollar”Pound continues forming five-wave ascending structures inside larger ascending impulses in the wave C of (2) of . In the nearest future, the market is expected to continue growing.
Most likely, the pair has completed the second extension in the wave [iii] of C of (2). After finishing the local correction, the market is expected to reach new local highs.
USD JPY, “US Dollar vs Japanese Yen”Yen has reached a new local low, which means that the descending movement may become stronger. Most likely, in the nearest future the price may continue falling and reach new local lows in the wave [iii] of 1 of (C).
The wave [ii] of 1 of (C) has changed its form a little bit, but still looks like double three. The pair has already formed the first five-wave structure (i) of [iii] of 1 and the local correction (ii) of [iii] of 1 inside the larger descending impulse [iii] of 1 of (C). In the future, the market is expected to continue falling.
USD CAD, “US Dollar vs Canadian Dollar”On the one hand, yesterday’s fast growth and fast pullback downwards confirmed the main scenario, on the other hand – provided us with another alternative scenario (colored in gray). So, the main scenario implies that in the nearest future the pair may reach new local lows in the wave [iii] of A of (B). At the same time, the alternative scenario is also possible. It suggests that it was only yesterday when the pair completed the running triangle [iv] of 5 of (A). If the market breaks the upper critical level, it may reach new local highs.
The pair is taking the form of the double zigzag and may reach new local lows while forming the large descending impulse [iii] of A of (B). If the price breaks the critical level, we should turn to the alternative scenario (colored in gray).
RoboForex Analytical Department
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