Article By RoboForex.com
Forecast for June 10th, 2016
EUR USD, “Euro vs US Dollar”
The current structure of the daily chart implies that Eurodollar completed the diagonal triangle C in the flat(B). Consequently, in the future the pair may fall in the wave (C). It looks like the pair has already started forming the first wave of this wave.
As we can see at the H4 chart, after finishing the descending impulse [i], Eurodollar formed the wave [ii] in the form of the zigzag with the long wave (c) inside it. In order to confirm a new descending movement, the market has to form the bearish impulse in the wave (i).
The H1 chart shows the internal structure of the ascending wave (c) of [ii]. After finishing this wave, the price has formed the descending impulse i on the minor wave level. Probably, the wave ii was completed yesterday, which means that the market may continue falling in the wave iii of (i).
GBP USD, “Great Britain Pound vs US Dollar”
At the daily chart, Pound is starting a new decline in the fifth wave of the descending impulse (C). Earlier, after finishing the extension in the wave 3, the price formed the correctional wave 4. Consequently, in the next several weeks the pair may move towards the minimum of the third wave.
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As we can see at the H4 chart, after finishing the waves (i) and (ii), Pound is about to start the extension in the wave (iii). On the minor wave level, the price has already completed the local correction, that’s why the market may continue falling in the wave iii of (iii).
More detailed structure is shown on the H1 chart. After finishing the zigzag (ii), Pound formed the bearish impulse I and the correction ii. As a result, in the nearest future the market may continue falling in the waveiii.
USD JPY, “US Dollar vs Japanese Yen”
At the daily chart, Yen is probably about to finish the wave (2) or (B) in the form of the zigzag. To confirm a new ascending wave, the pair has to form the bullish impulse in wave 1.
After finishing the wave [v] in the form of the diagonal triangle, Yen formed the ascending impulse in the wave (i) and the correctional zigzag in the second wave. It’s highly likely that the descending impulse in wavec of (ii) was also completed, which means that the market may start growing in the wave i of (iii).
More detailed structure of the wave (ii) is shown on the H1 chart. It looks like Yen finished the wave c in the form of the diagonal triangle. Later, the price formed the bullish impulse [1]. After finishing the local correction, the market may start forming the ascending wave [3] of i.
AUD USD, “Australian Dollar vs US Dollar”
Probably, Australian Dollar completed the flat in the wave 4 and then formed the descending impulse in the wave [i], thus confirming a new decline. Consequently, in the nearest future the pair may fall significantly in the wave [iii] of 5.
At the H4 chart, Australian Dollar completed the zigzag in the wave [ii]. On the minor wave level, the price finished the bullish impulse in the wave (c). To confirm a new decline in the wave [iii], the market has to form the descending impulse in the wave (i).
As we can see at the H1 chart, yesterday the price finished the wave ii of (i), which means that it may resume moving downwards. On Friday, Australian Dollar may continue falling in the third wave.
RoboForex Analytical Department
Article By RoboForex.com
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
