Forecast for July 7th, 2016
The EUR/USD pair is moving inside the local flat. Earlier, the price completed the wave (ii), which followed the fast descending impulse (i). It’s highly likely that in the nearest future the market may continue falling in the wave (iii).
EUR USD, “Euro vs US Dollar”
More detailed structure is shown on the H1 chart. It looks like after finishing the diagonal triangle c of (ii), the price completed the descending impulse in the wave i. As a result, in the nearest future the market may start falling in the wave iii of (iii).
GBP USD, “Great Britain Pound vs US Dollar”The price continues forming the descending extension in the wave [iii]. Earlier, after finishing the wave 4 in the form of the double three, the pair formed the fast impulse in the wave [i]. Consequently, in the nearest future the market may continue moving downwards inside the third wave.
As we can see at the H1 chart, the GBP/USD pair is about to finish the fourth wave in the wave (iii). Earlier, the price completed the wave iii and started the current correction. Consequently, in the future the market may start falling in the wave v of (iii).
USD JPY, “US Dollar vs Japanese Yen”The USD/JPY pair continues forming the wave [v] in the form of the diagonal triangle. One should pay attention that the wave (v) of [v] may be truncated due to the fast finishing of the wave (iii).
As we can see at the H1 chart, after finishing the impulse a in the wave (v), the pair started a correction. In the nearest future, the market may complete the wave b and start moving downwards in the wave c of (v).
AUD USD, “Australian Dollar vs US Dollar”It’s highly likely that the AUD/USD pair may yet continue forming the third wave. Earlier, the price formed the double zigzag in the wave [ii]. Possibly, the market may resume moving downwards during the day.
As we can see at the H1 chart, the price is moving very close to the critical level, which is the minimum of the wave (ii). Probably, the market completed the wave ii and may start a new decline in the wave iii of (iii). As a result, the pair may soon reach new lows.
RoboForex Analytical Department
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