Forecast for June 17th, 2016
Yesterday’s growth may result in the continuation of the correctional wave [ii]. Taking into account that yesterday Eurodollar completed the wave (b), then later the price may move upwards in the wave (c) of [ii] to reach the local high.
EUR USD, “Euro vs US Dollar”
As we can see at the H1 chart, the wave (b) may have taken the form of the zigzag with the triangle b inside it. On the minor wave level, the price may start moving upwards in the bullish wave iii of (c).
GBP USD, “Great Britain Pound vs US Dollar”Possibly, Pound may be corrected on Friday as well. However, being influenced by result of new polls in the UK, the price may complete the wave (ii) much faster and start a new descending movement.
More detailed structure is shown on the H1 chart. The wave v of (i) turned out to be quite short and was followed by the bullish impulse in the wave a. After finishing the local correction, Pound may grow in the wave c of (i).
USD JPY, “US Dollar vs Japanese Yen”Yen continues to form the descending impulse. It looks like right now the price is finishing the fourth wave in the wave iii. Consequently, later the pair may fall in the wave v of (iii).
More detailed structure of the wave iii is shown on the H1 chart. Probably, Yen has already finished the wave iv in the form of the zigzag. In the future, the market may resume falling in the fifth wave.
AUD USD, “Australian Dollar vs US Dollar”In case of Australian Dollar, the correction may continue. At the moment, the price is starting the wave (y) in the double zigzag [ii]. As a result, in the nearest future the market may test its local low.
More detailed structure, which is shown on the H1 chart, implies that the price may continue forming the wave (y) in the form of the zigzag. In the nearest future, the market may form the bullish impulse in the wave a.
RoboForex Analytical Department
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