Forecast for June 9th, 2016
Probably, Eurodollar has completed the wave [ii] in the form of the zigzag. On the minor wave level, the price has finished the ascending impulse in the wave (c). Consequently, in the nearest future the market may start falling in the wave (i) of [iii].
EUR USD, “Euro vs US Dollar”
More detailed structure is shown on the H1 chart. It looks like after finishing the horizontal triangle in the wave iv earlier, yesterday Eurodollar completed the wave v of (v). Consequently, after finishing the wave i and the local correction, the market may fall in the wave iii of (i).
GBP USD, “Great Britain Pound vs US Dollar”Probably, Pound is forming the third wave of the extension in the wave (iii). Consequently, in the nearest future the price may continue falling and break the minimum of the wave i.
As we can see at the H1 chart, after finishing the zigzag (ii), Pound formed the descending impulse i. It looks like on Monday the price completed the wave ii. If this assumption is correct, in the future the market may continue falling faster while forming the wave iii.
USD JPY, “US Dollar vs Japanese Yen”The correctional wave (ii) continues. It looks like earlier the price completed the ascending impulse in the wave (i). Later, after finishing the wave c of (ii), the market may start growing in the bullish wave (iii).
More detailed structure is shown on the H1 chart. Probably, after finishing the impulse a and the zigzag b, Yen is forming the diagonal triangle in the wave c of (ii). If later the price rebounds from the pattern’s downside border, the market may reverse and start growing in the wave i of (iii).
AUD USD, “Australian Dollar vs US Dollar”It’s highly likely that Australian Dollar has completed the zigzag in the wave [ii]. Earlier, after finishing the wave 4, the price formed the descending impulse in the wave [i]. The pair may start a new decline in the wave [iii] as soon as the market finishes the descending impulse in the wave (i).
More detailed structure is shown on the H1 chart. It looks like yesterday the price finished the wave v of (c), which means that it may resume moving downwards. On Thursday, Australian Dollar may complete the wave i and start a new local correction.
RoboForex Analytical Department
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