Analysis for August 21st, 2015
Eurodollar is finishing the wave C of (B) of [Y] inside the horizontal triangle. At the same time, there is an alternative scenario (in case the pair continues growing), which implies that the wave (B) of [Y] may transform into the double zigzag with a significant extension inside it and the targets at 1.23 – 1.25.
EUR USD, “Euro vs US Dollar”
Just as we expected, after finishing the correction (b) of [y] of C, the pair has started a strong growth inside the wave (c) of [y] of C. It looks like the market hasn’t completed this five-wave ascending structure yet, that’s why the pair is expected to reach a new local high.
GBP USD, “Great Britain Pound vs US Dollar”After finishing the local correction, Pound has started growing again in the wave [iii] of C of (2). In the future, the market is expected to continue growing and reach new local highs.
The pair has completed the wave (ii) of [iii] of C in the form of the expanded flat. Right now, the price is forming another ascending impulse (iii) of [iii] of C. Later, the market is expected to continue moving upwards.
USD JPY, “US Dollar vs Japanese Yen”Just as we expected, Yen is losing its ground fast and falling in the wave [iii] of 1 of (C). In the nearest future, the price is expected to continue falling.
After completing the local correction (ii) of [iii] of 1, the pair has started a strong decline in the wave (iii) of [iii] of 1. Later, the Yen is expected to continue moving downwards.
USD CAD, “US Dollar vs Canadian Dollar”Canadian Dollar continues moving inside a narrow trading range. The main scenario remains the same – in the nearest future, the pair may continue falling and forming a much deeper correction. At the same time, the sideways movement the pair has been making over the last several days may indicate that the price has just finished the wave [iv] of 5 of (A) and may later form a fast ascending eave (alternative scenario, colored in gray).
The pair has been just several pips shy to reach the critical level and, thus, hasn't broken it. The main scenario remains the same – in the nearest future, the pair is expected to start a significant decline in the wave [iii] of A of (B).
RoboForex Analytical Department
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