Forecast for July 8th, 2016
The main scenario remains bearish. It’s highly likely that In the nearest future the EUR/USD pair may resume moving downwards in the wave (iii). Earlier, after finishing the fast impulse in the wave (i), the price formed the zigzag in the wave (ii). Consequently, in the nearest future the market may break the minimum of the wave (i).
EUR USD, “Euro vs US Dollar”
More detailed structure is shown on the H1 chart. It looks like yesterday the pair finished the first wave in the wave iii. Right now, the price is probably completing the wave , so in the nearest future the market may start falling in the wave  of iii.
GBP USD, “Great Britain Pound vs US Dollar”In case of the GBP/USD pair, the chart structure is also the same. Probably, the price is forming the extension in the wave [iii]. After finishing the local correction, the market may continue moving downwards and reach a new local low.
As we can see at the H1 chart, yesterday the GBP/USD finished the fourth wave in the wave (iii) of [iii]. It looks like the price has already started falling in the wave v of (iii) and may reach new lows in the future.
USD JPY, “US Dollar vs Japanese Yen”In case of the USD/JPY pair, the scenario with the wave [v] in the form of the diagonal triangle is still in effect. It’s highly likely that right now the price is falling in the fifth wave of the pattern and may soon break the minimum of the wave (iii).
As we can see at the H1 chart, the pair is probably forming the descending impulse c in the wave (v) of [v]. Earlier, the price formed the zigzag in the wave (iv). As a result, in the future the market may break the minimum of the wave a.
AUD USD, “Australian Dollar vs US Dollar”It’s highly likely that the AUD/USD pair may soon start falling in the wave (iii). Earlier, after finishing the wave [ii], the price formed the descending impulse in the wave (i) and the wave (ii) as well, which means that later the market may start a new descending movement.
As we can see at the H1 chart, the price has completed the wave ii very close to the critical level, which is the maximum of the wave i. Probably, the market is starting a new decline in the wave iii. As a result, the pair may soon reach a new local low.
RoboForex Analytical Department
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