Analysis for August 7th, 2015
EUR USD, “Euro vs US Dollar”
By now, Eurodollar has already formed three first waves inside a larger descending impulse, and it makes the wave structure a bit more complicated. However, after finishing the local correction
ii of (iii) of [iii], the pair is expected to start a significant decline.
Wave
ii of (iii) of [iii] is taking the form of an ascending
double zigzag, which lacks one more five-wave ascending structure to be completed. In the nearest future, the price is expected to finish this correctional pattern and continue moving downwards.
GBP USD, “Great Britain Pound vs US Dollar”
Just as we expected, Pound has broken its
flat downwards and, probably, started a significant decline. In the nearest future, the price is expected to continue moving downwards and finish wave
(i) of [iii] of 1.
Wave
(4) of [3] of iii is taking the form of
horizontal triangle, which may be followed by a descending movement and completion of wave
[3] of iii of (i).
USD JPY, “US Dollar vs Japanese Yen”
The situation isn’t changing. Yen is expected to continue growing inside wave
[iii] of 3 of (5).
Probably, the pair has finished wave
[4] of iii of (iii), which may be followed by a new local high and completion of wave
[5] of iii of (iii).
USD CAD, “US Dollar vs Canadian Dollar”
Canadian Dollar continues forming wave
ii of (v) of [v], which may be followed by a fast growth inside wave
iii of (v) of [v].
The market is still forming
ii of (v) of [v] in the form of a descending
zigzag, which may be followed by a fast growth inside wave
iii of (v) of [v].
RoboForex Analytical Department