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

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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