Wave Analysis 22.07.2015

Wave Analysis(EUR/USD, GBP/USD, USD/JPY, USD/CAD)

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Euro vs US Dollar

So, Eurodollar has finished wave [i] of 1 of (C) and started forming an ascending zigzag inside the correctional wave [ii] of 1 of (C). After completing the local correction, the market is expected to continue falling.



The chart structure has slightly changed: wave [i] of 1 of (C) inside wave (v) of [i] of 1 has turned out to beextended. Right now, the pair is probably forming an ascending zigzag; the market has finished only the impulse (a) of [ii] of 1 of this pattern. After a short wave (b) of [ii] of 1, the market is expected to start growing inside wave (c) of [ii] of 1.

Great Britain Pound vs US Dollar

In case of Pound, the situation is “blurred”. After finishing flat inside wave (x) of [ii] of 1, the price is expected to continue growing inside wave (y) of [ii] of 1. At the same time, an alternative scenario (colored in gray) implies that wave [ii] of 1 of (3) may have already completed and after that the pair has formed the first impulse of a larger descending movement. The situation may be cleared up in the nearest future.



After finishing flat inside wave (x) of [ii] of 1, the price is expected to continue growing inside wave (y) of [ii] of 1. An alternative scenario (colored in gray) implies that the market is forming leading diagonal triangleinside wave (i) of [iii] of 1. The situation may be cleared up in the nearest future.

US Dollar vs Japanese Yen

Just as we expected, Yen has started a local correction inside wave [ii] of 3 of (5). After finishing this descending zigzag, the pair is expected to move upwards inside wave [iii] of 3 of (5).



It looks like the pair has completed only wave (a) of [ii] of 3. After a local correction inside wave (b) of [ii] of 3 of (5), Yen is expected to fall inside wave (c) of [ii] of 3.

US Dollar vs Canadian Dollar

Probably, Canadian Dollar has finished wave (iii) of [v] of 3 and started a horizontal correction inside wave(iv) of [v] of 3. The form of the correction isn’t quite clear yet.



Most likely, the pair has completed wave (iii) of [v] of 3 with [5] of v of (iii) in the form of ending diagonal triangle with a truncation inside its fifth wave (it is in some way against the rules of wave analysis and occurs very rarely). In the future, we can expect a further local decline inside wave (iv) of [v] of 3.



 

Forex Trading | News Daily Update | FXTM Online Analysis Department.