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Wave Analysis 02.06.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)

Forecast for June 2nd, 2016

EUR USD, “Euro vs US Dollar”

The ascending correction that started several days ago continues and it means that Eurodollar has already completed the impulse in the wave [i]. Consequently, in the nearest future the market may continue forming the wave [ii], which may be followed by another descending movement in the third wave.

More detailed structure is shown on the H1 chart. Probably, the price is forming the bullish impulse (c) in the zigzag [ii]. On the minor wave level, the pair is completing the third wave and may start a new local correction quite soon, the wave iv of (c).

GBP USD, “Great Britain Pound vs US Dollar”

Pound is still being corrected and forming the descending impulse in the wave (iii). Earlier, the price completed the wave (i) and the correctional wave (ii) in the form of the zigzag. It’s highly likely that in the nearest future the market may continue moving downwards.

As we can see at the H1 chart, the price is about to finish the third wave of the extended descending wave iii. As a result, in the nearest future the market may form two fifth wave on different levels – the fifth wave in the wave [3] and the wave [5] of iii.

USD JPY, “US Dollar vs Japanese Yen”

After completing the bullish wave (i), Yen started a new correction. It looks like at the moment the price is finishing the descending impulse a in the wave (ii). Consequently, during the day the market may form the local correction in the wave b.

More detailed structure is shown on the H1 chart. After finishing the bullish impulse in the wave v of (i), Yen started falling and right now is completing the fifth wave of the wave a. In the future, the price may start a new correction, the wave b of (ii).

AUD USD, “Australian Dollar vs US Dollar”

Australian Dollar is being corrected as well. Probably, the price completed the descending wave [i] and then formed the bullish impulse (a). Most likely, in the nearest future the market may continue forming the correctional wave [ii].

Judging by the H1 chart, the wave [ii] may be taking the form of the zigzag, because earlier it the bullish impulse in the wave (a). As a result, after finishing the local correction, Australian Dollar may grow a bit in the wave (c) of [ii].

RoboForex Analytical Department

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