Wave analysis for EUR/USD, GBP/USD, USD/JPY and AUD/USD on 22.07.2016
22.07.2016
Currency pair EUR/USD
After completion of wave (ii) as a double three, market returned to descending. Apparently, descending third wave is forming. For the short terms, continuation of price reducing is possible that soon may lead breakage of wave (i) low.
More detailed markiong is shown on 1 hour chart. Supposedly, recently wave ii was completed that corrected descending impulse in wave i. Because on younger wave level wave [2] is about to be completed, then soon recuming of descending is possible.
Currency pair GBP/USD
Price resumes to reduce within diagonal triangle. Supposedly wave [iii] begin to be formed that on the next week may lead to breakage of low of wave [i] formed before.
On 1 hour chart, it is seen that literally right now wave [2] was completed within supposed streсhing in wave iii. And for the short terms further pair descending in wave [3] is possible.
Currency pair USD/JPY
For Japanese Yen, supposedly, formation а ascending impulse in wave (i) was completed. Earlier wave [v]cut in the fifth wave was formed. It is quite likely that for the short term we will see development of local correction.
On 1 hour chart after completion of diagonal triangle in wave v of (i) descending impulse was formed in wave a. After completion of local correction, resuming of price drop in wave с of (ii) is possible.
Currency pair AUD/USD
For Australian Dollar, formation of descending impulse in wave (i) is continued after completion of wave [ii] as a double zigzag. It is not excluded that for the short terms price drop will continue further.
On 1 hour chart within wave (i) the fifth wave is about to be completed. Upon its completion, beginning of local ascending correction will be possible that will be confirmed by formation of bullish impulse.
After completion of wave (ii) as a double three, market returned to descending. Apparently, descending third wave is forming. For the short terms, continuation of price reducing is possible that soon may lead breakage of wave (i) low.
More detailed markiong is shown on 1 hour chart. Supposedly, recently wave ii was completed that corrected descending impulse in wave i. Because on younger wave level wave [2] is about to be completed, then soon recuming of descending is possible.
Currency pair GBP/USD
Price resumes to reduce within diagonal triangle. Supposedly wave [iii] begin to be formed that on the next week may lead to breakage of low of wave [i] formed before.
On 1 hour chart, it is seen that literally right now wave [2] was completed within supposed streсhing in wave iii. And for the short terms further pair descending in wave [3] is possible.
Currency pair USD/JPY
For Japanese Yen, supposedly, formation а ascending impulse in wave (i) was completed. Earlier wave [v]cut in the fifth wave was formed. It is quite likely that for the short term we will see development of local correction.
On 1 hour chart after completion of diagonal triangle in wave v of (i) descending impulse was formed in wave a. After completion of local correction, resuming of price drop in wave с of (ii) is possible.
Currency pair AUD/USD
For Australian Dollar, formation of descending impulse in wave (i) is continued after completion of wave [ii] as a double zigzag. It is not excluded that for the short terms price drop will continue further.
On 1 hour chart within wave (i) the fifth wave is about to be completed. Upon its completion, beginning of local ascending correction will be possible that will be confirmed by formation of bullish impulse.
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.