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Wave Analysis 07.06.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)

Forecast for June 7th, 2016

EUR USD, “Euro vs US Dollar”

The current chart structure implies that Eurodollar has completed the wave [ii] in the form of the zigzag. However, taking into account how fast the current correction is, one should wait until the price forms the wave (i), thus confirming the start of a new descending movement.

More detailed structure is shown on the H1 chart. Eurodollar has completed the ascending impulse in the wave (c). Moreover, on the minor wave level the market has already formed the wave i, which means that it may fall a bit in the wave iii.

GBP USD, “Great Britain Pound vs US Dollar”

Probably, Pound is about to start forming the extension in the wave (iii). On the minor wave level, the price has completed the descending impulse in the wave i. Right now, the local correction is taking place, which may be followed by a new decline in the wave iii of (iii).

As we can see at the H1 chart, Pound has completed the correctional wave ii after the descending impulse i formed earlier. After forming the descending impulse in the wave [1] of iii, the pair may resume its decline.

USD JPY, “US Dollar vs Japanese Yen”

It looks like Yen has finished the wave (ii) in the form of the zigzag, Earlier, the price completed the bullish impulse in the wave (i), which may be considered as the start of the new uptrend. To confirm this scenario, the market must form the impulse in the wave i of (iii).

As we can see at the H1 chart, after finishing the wave c of (ii), Yen formed the ascending wedge in the wave [1]. On Tuesday, the local correction may take place, which may be followed by a new growth in the wave [3] of i.

AUD USD, “Australian Dollar vs US Dollar”

In case of Australian Dollar, the correction continues as well. The price formed the descending impulse in the wave [i] and right now is growing in the wave [ii]. The pair may start a new decline as soon as the market finishes the impulse in the wave (c).

As we can see at the H1 chart, the price is about to finish the fifth wave in the wave (c) of [ii]. On Tuesday, Australian Dollar may complete the wave v and start another descending impulse.

RoboForex Analytical Department

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