Article By RoboForex.com
Forecast for August 5th, 2016
EUR USD, “Euro vs US Dollar”
In case of the EUR/USD pair, the chart structure is bearish again. Possibly, the wave [iv] was completed in the form of the double there after all. Later, the price finished the descending impulse in the wave (i) and may continue falling in the third wave.
More detailed structure is shown on the H1 chart. Yesterday, the pair formed the descending impulse in the wave (i). In the future, after finishing the local correction, the market may continue moving downwards in the third wave.
GBP USD, “Great Britain Pound vs US Dollar”
At the H4 chart, the GBP/USD pair has probably completed the wave [ii] in the form of the double three. It’s highly likely that in the future the market may fall in the third wave and soon break the low of the wave [i].
As we can see at the H1 chart, after finishing the zigzag in the wave (y), the pair has started forming the descending impulse in the wave (i). In the nearest future, the market may start a new local correction, the wave (ii).
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USD JPY, “US Dollar vs Japanese Yen”
The USD/JPY pair is still forming the bearish impulse in the wave [v] of C and may yet continue falling in theextended wave (iii). As a result, in the nearest future the market may break the local low.
It looks like the pair has finished the fourth wave at the H1 chart. Consequently, in the nearest future the market may fall in the wave v of (iii) and break the low of the wave iii.
AUD USD, “Australian Dollar vs US Dollar”
The AUD/USD pair may yet continue forming the diagonal triangle in the wave [c] of 4. If later the price rebounds from the pattern’s upside border, the market may resume moving downwards.
More detailed structure is shown on the H1 chart. Probably, the pair is forming the extension in the wave iii of (v). As a result, in the future the market may continue growing and reach several new highs.
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.
