Forecast for August 3rd, 2016
The EUR/USD pair is still growing and may yet continue forming the wave E inside the horizontal triangle. Consequently, in the nearest future the market may continue moving upwards in the wave [c].
EUR USD, “Euro vs US Dollar”
More detailed structure is shown on the H1 chart. After completing the wave (ii), the price formed the bullish impulse in the wave (iii). As a result, after finishing the local correction, the market may start growing in the wave iii of (iii).
GBP USD, “Great Britain Pound vs US Dollar”In case of the GBP/USD, the correction continues as well. Probably, in the nearest future the market may continue forming the bullish wave (c) of [ii]. As a result, quite soon the pair may break the high of the wave (a).
As we can see at the H1 chart, after finishing the wave (b) in the form of the double zigzag, the price formed the ascending wedge in the wave i. It’s highly likely that in the future the market may continue forming the extension in the wave iii of (c).
USD JPY, “US Dollar vs Japanese Yen”The USD/JPY pair continues moving downwards fast. It looks like the price is forming the bearish impulse in the wave [v] of C and may continue falling the in extended wave (iii).
As we can see at the H1 chart, yesterday the price finished the fifth wave of the wave iii and completed the descending impulse. Consequently, on Wednesday the market may start forming the correctional wave iv.
AUD USD, “Australian Dollar vs US Dollar”The main scenario remains the same and implies that the AUD/USD pair is still forming the diagonal triangle in the wave [c] of 4. In the nearest future, the market may continue growing in the fifth wave towards the pattern’s upside border.
More detailed structure is shown on the H1 chart. It’s highly likely that the pair is forming the third wave in the wave (v). Possibly, the current local correction may finish during the day, and then the pair may start forming another bullish wave.
RoboForex Analytical Department
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