Wave Analysis 02.09.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
02.09.2016
Forecast for September 2nd, 2016
EUR USD, “Euro vs US Dollar”
The main scenario remains the same and implies that the EUR/USD pair is forming the descending impulse in the wave [i]. It looks like earlier the price completed the triangle in the wave (B). Consequently, in the nearest future the market may continue falling.
At the H1 chart, probably the pair may be forming the bullish impulse c in the zigzag(iv). Later, after finishing the current correction, the price may resume falling in the wave (v).
GBP USD, “Great Britain Pound vs US Dollar”
It’s highly likely that the GBP/USD pair is about to finish the zigzag in the wave (ii). On a shorter timeframe, the pair may complete the wave c and form the descending wave i, thus confirming a new decline.
Just as we expected yesterday, the pair formed the correctional wave [4]. As a result, in the nearest future the market may form the local ascending impulse in the wave [5] of c and complete the wave (ii).
USD JPY, “US Dollar vs Japanese Yen”
Probably, the USD/JPY pair is still forming the diagonal triangle in the wave [v] of C. Consequently, in the nearest future the market may start a new descending movement in the wave (iii).
Yesterday, the pair completed the wave (5) of [C] and then the descending impulse in the wave (1). Consequently, after finishing the local correction, wave, the market will continue moving downwards.
AUD USD, “Australian Dollar vs US Dollar”
In case of the AUD/USD pair, the main scenario remains bearish. The descending wedge in the wave (i) formed earlier indicated that the market may start a new decline. Later, the price may form the extension in the third wave.
As we can see at the H1 chart, after finishing the wedge in the wave i, the pair has started a new correction. It’s highly likely that in the nearest future the market may finish the wave ii. To confirm a new decline in the wave iii of (iii), the price has to a descending impulse inside it.
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.