Wave Analysis 10.08.2015 (EUR/USD, GBP/USD, USD/JPY, USD/CAD)
10.08.2015
Analysis for August 10th, 2015
EUR USD, “Euro vs US Dollar”
In case of Eurodollar, the situation is quite complicated. The main scenario implies that the price may continue falling inside a larger descending impulse iii of (iii) of [iii]. At the same time, an alternative scenario suggests that the pair may be forming a bigger horizontal triangle(B) of [Y] and by now it has only completed zigzagB of (B) inside this pattern.
Being influenced by the data on the US market published last Friday, the correction ii of (iii) of [iii] looks a bit “torn”. In the nearest future, the price is expected to finish wave [C] of ii of (iii) and resume moving downwards.
GBP USD, “Great Britain Pound vs US Dollar”
Pound continues falling inside wave [iii] of 1 of (3) with quite severe local pullbacks upwards. Probably, in the nearest future, the price may continue moving downwards. At the same time, an alternative scenario is gaining momentum, according to which the pair may be forming a deeper wave (2) of [C] with horizontal triangleB of (2) of [C] inside it.
Just as we expected, the pair has reached a new local low and finished wave [3] of iii of (i). After completing wave [4] of iii of (i), the market is expected to continue falling.
USD JPY, “US Dollar vs Japanese Yen”
Most likely, it’s only now that the pair has completed wave (i) of [iii] of 3 in the form of leading diagonal triangle. After finishing the local correction (ii) of [iii] of 3, the price is expected to continue growing. However, this pattern may turn out to be another three-wave structure and then (in the pair continues falling) we’ll have the correction from the longer time frame.
Wave (i) of [iii] of 3 has taken the form of leading diagonal triangle, and right now the price is forming the local correction (ii) of [iii] of 3. After finishing it, the market may continue moving upwards.
USD CAD, “US Dollar vs Canadian Dollar”
Most likely, it’s only now that Canadian Dollar has completed the local correction ii of (v) of [v], which may be followed by a new local high and a further growth.
The market has finished a descending correction ii of (v) of [v] in the form of a descending zigzag. Right now, the price is forming the local correction [2] of iii of (v), after which the pair may continue growing.
RoboForex Analytical Department
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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.