Forecast for July 6th, 2016
It looks like the EUR/USD pair has completed the wave (ii) ad started falling in the third wave. Earlier, the price finished the descending impulse (i), thus finishing the zigzag in the wave [ii]. As a result, in the nearest future the market may continue falling towards the minimum of the wave (i).
EUR USD, “Euro vs US Dollar”
As we can see at the H1 chart, the wave (ii) has taken the form of the zigzag with the diagonal triangle c inside it. Yesterday, the pair completed the wave  and started the bearish impulse in the wave i. After finishing the local correction, the market may continue falling in the wave iii of (iii).
GBP USD, “Great Britain Pound vs US Dollar”At the H4 chart, the price continues forming the extension in the wave [iii]. At the beginning of the week, the pair reached a new low and right now, nothing can prevent bears from continuing the downtrend. It’s highly likely that after finishing the local correction the GBP/USD pair may reach a new low.
More detailed structure is shown on the H1 chart. The GBP/USD pair is forming the third wave in the wave [iii], and its internal structure implies that the price may continue falling. Consequently, in the future the market may break its local low.
USD JPY, “US Dollar vs Japanese Yen”The main scenario remains the same and implies that the USD/JPY pair continues forming the wave [v] in the form of the diagonal triangle. It’s highly likely that in the nearest future the market may continue forming the bearish wave (v) of [v].
As we can see at the H1 chart, the wave (iv) has taken the form of the zigzag. It looks like right now the price is forming the descending zigzag in the wave (v) of [v]. During the day, the market may continue moving downwards.
AUD USD, “Australian Dollar vs US Dollar”It’s highly likely that the AUD/USD pair is about to start falling in the third wave. Earlier, the price formed the descending impulse in the wave (i) and the correction in the second wave. As a result, the market may break its local low quite soon.
As we can see at the H1 chart, after finishing the diagonal triangle in the wave c of (ii), the price formed the descending impulse in the wave i. On Wednesday, the market may complete the wave ii and then start the final descending movement in the third wave.
RoboForex Analytical Department
Without authorization, you can view no more than two reviews per day and no more than 10 per month. To continue reading analytical reviews, register or login to your Members Area.