Wave Analysis 02.09.2015 (EUR/USD, GBP/USD, USD/JPY, USD/CAD)
02.09.2015
Forecast for September 2nd, 2015
EUR USD, “Euro vs US Dollar”
Most likely, Eurodollar is finishing the correction [ii] of 1 of (C), which may be followed by a significant decline in the wave [iii] of 1 of (C). We can be surer about this decline only after the price stays below the confirming levels (crimson line on the chart).
Probably, the wave [ii] of 1 of (C) is taking the form of the double zigzag, which may be followed by a further decline in the wave [iii] of 1 of (C).
GBP USD, “Great Britain Pound vs US Dollar”
Pound continues falling without any serious pullbacks. Probably, by now the pair has already finished waves (i) of [iii] of 1 and (ii) of [iii] of 1, which has taken the form of the flat. Later, the market is expected to continue falling. At the same time, if the price makes a fast ascending movement, I’ll be forced to turn to an alternative scenario, which implies the larger correction in the wave (2) of [3].
Probably, after completing the wave (ii) of [iii] of 1 in the form of the flat, Pound has formed the leading diagonal triangle in the wave i of (iii) of [iii]. After the local correction ii of (iii) of [iii], the price is expected to continue moving downwards.
USD JPY, “US Dollar vs Japanese Yen”
After reaching the “bottom”, Yen has already formed two ascending impulses inside the larger ascending wave. After the local correction (ii) of [iii] of 1, the market is expected to continue moving upwards. At the same time, the above-mentioned impulses may turn out to be the zigzag, which may be followed by a new local low. The situation will clear up within the next couple а days.
The price is finishing the wave (ii) of [iii] of 1, which may be followed by a new growth in the wave (iii) of [iii] of 1 and a new local high.
USD CAD, “US Dollar vs Canadian Dollar”
The bullish scenario is still in effect. After the local correction ii of (iii) of [v], Canadian Dollar is expected to move upwards and reach a new local high.
Most likely, the pair has finished the zigzag(ii) of [iii] of [v], which may be followed by a new ascending movement in the wave iii of (iii) of [v].
RoboForex Analytical Department
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.