Article By RoboForex.com
Forecast for July 4th, 2016
EUR USD, “Euro vs US Dollar”
It looks like the EUR/USD pair is about to complete the wave (ii). Earlier, the price finished the descending impulse in the wave (i). It’s highly likely that in the nearest future the market may start falling in the wave(iii). To confirm this scenario, the pair has to form the first wave inside this wave.
More detailed structure is shown on the H1 chart. Probably, the price is forming the diagonal triangle c in theflat (ii). If the pair rebounds from the upside border of the triangle, the market may resume falling.
GBP USD, “Great Britain Pound vs US Dollar”
Possible, after forming the fast descending impulse in the wave [i], the GBP/USD pair completed the wave [ii]and may start falling in the third wave very soon. In this case, in the nearest future the market may break last week’s lows.
More detailed structure is shown on the H1 chart. It looks like the GBP/USD pair completed the diagonal triangle (c) and the flat [ii]. Later, the price formed the impulse in the wave (i), so in the future the market may start falling in the wave (iii).
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USD JPY, “US Dollar vs Japanese Yen”
The main scenario still implies that the wave [v] is taking the form of the diagonal triangle. On the minor wave level, the pair has probably completed the fourth wave. As a result, in the nearest future the pair may resume falling in the wave (v) of [v].
As we can see at the H1 chart, the USD/JPY pair has probably finished the wave (iv) in the form of the zigzag. Consequently, in the future the price may start a new decline in the wave a of (v), which is a part of thediagonal triangle.
AUD USD, “Australian Dollar vs US Dollar”
It looks like the AUD/USD pair is about to finish the wave (ii). Earlier, the price completed the double zigzagin the wave [ii]. In the nearest future, the market may start falling in the wave (iii) of [iii].
At the H1 chart, the AUD/USD pair is probably finishing the diagonal triangle in the wave c of (ii). On Friday, the market may complete the wave [5] soon. Later, if the price rebounds from the triangle’s upside border, it may start a new decline.
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.
