Forecast for August 10th, 2016
Taking into account that earlier the EUR/USD pair formed the zigzag in the wave (i), in the future the price may continue falling in the form of the diagonal triangle in the wave [v]. Consequently, after finishing the wave (ii), the pair is expected to form the descending impulse, thus confirming its further decline.
EUR USD, “Euro vs US Dollar”
As we can see at the H1 chart, the wave (i) has taken the form of the zigzag. It looks like right now the pair is forming the ascending zigzag in the wave (ii). Consequently, after finishing the bullish impulse in the wave c, the market may start moving in the wave a of (iii).
GBP USD, “Great Britain Pound vs US Dollar”In case of the GBP/USD pair, the main scenario remains the same and implies that the price may start moving downwards in the wave [iii]. Earlier, the price probably finished the wave [ii] in the form of the double three. In the nearest future, the market may form the extension in the wave (iii).
More detailed structure is shown on the H1 chart. It looks like the pair has formed two descending impulses, which may be first waves on different timeframes. As a result, on Wednesday the market may continue falling in the wave iii of (iii).
USD JPY, “US Dollar vs Japanese Yen”In case of the USD/JPY pair, the chart structure hasn’t changed recently. It looks like right now the price is forming the extension in the wave (iii) and may yet continue moving downwards.
As we can see at the H1 chart, yesterday the pair finished the wave iv in the form of the zigzag and started forming the bearish wave v of (iii). Consequently, quite soon the market may break the low of the wave iii.
AUD USD, “Australian Dollar vs US Dollar”The AUD/USD pair continues forming the diagonal triangle in the wave [c] of 4. In the nearest future, the market may continue growing in the wave (v). If later the market rebounds from the pattern’s upside border, it may resume its decline.
As we can see at the H1 chart, the price is still growing and forming the fourth wave in the wave c of (v). Later, after finishing the local correction, the market may form another bullish impulse, the wave  of c.
RoboForex Analytical Department
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