Best Forex Brokers:Forex Wave analysis and forecast of 01.08 – 08.08.2104
EUR/USD: Wave analysis and forecast of 01.08 – 08.08: The decline in the pair is likely to continue. Estimated pivot point is at the level of 1.3414.
Our opinion: Sell the pair from correction below the level of 1.3414 with the target of 1.3290.
Alternative scenario: Breakout of the level of 1.3414 will allow the price to continue the rise up to the levels of 1.3450 – 1.35.
Analysis: Presumably, the formation the third wave of the senior level (iii) continues. Within this wave the “bearish’ impetus as the third wave iii of (iii) of the junior level is being developed. If assumption is correct and the price does not break down the critical level of 1.3414, the pair will continue to decline to the level of 1.3290.
GBP/USD Wave analysis and forecast for 01.08 – 08.08: The pair is likely to decline. Estimated pivot point is at the level of 1.6925.
Our opinion: Sell the pair from correction below the level of 1.6925 with the targets of 1.6830 – 1.6720.
Alternative scenario: Breakout and consolidation above the level of 1.6925 will enable the price to continue the rise up to 1.70, as part of correction.
Analysis: Presumably, the formation of the downward momentum in the first one-two, one-two wave of the deep medium-term correction continues. It seems at the moment that the formation of the third wave as part of the supposed correction has completed. If this assumption is correct, after the completion of the local correction the pair will continue to decline to the level of 1.6830. Critical level for this scenario is 1.6925.
USD/CHF Wave analysis and forecast for 01.08 – 08.08: The pair is likely to grow. Estimated pivot point is at the level of 0.9003.
Our opinion: Buy the pair from the correction above the level of 0.9003 with the target of 0.9130 – 0.92.
Alternative scenario: Breakout of the level of 0.9003 will enable the pair to continue the decline to the levels of 0.8950 – 0.89.
Analysis: Presumably, the formation of the upward momentum in the third wave iii continues. Locally, a smaller momentum as the wave (iii) of iii is being formed. If this assumption is correct and the price does not break down critical level 0.9003, the pair will continue to rise in the third wave (iii) to the level of 0.9130. Breakout of the critical level will trigger further decline to the levels of 0.8950 – 0.89.
USD/JPY Wave analysis and forecast for 01.08 – 08.08: Correction continues. The pair may go up in the short term.
Estimated pivot point is at the level of 101.00.
Our opinion: Buy the pair from correction above the level of 101.00 with the target of 104.10.
Alternative scenario: Breakout of the level of 101.00 will allow the price to continue the decline to the level of 99.50.
Analysis: On the daily timeframe it is not excluded that the formation of the horizontal correction as the wave (B) is still ongoing. At the moment it is likely that the wave (C) is being formed, within which diagonal triangle can be formed. Locally, the third wave iii of (C) is being formed. If this assumption is correct, the pair will continue to rise up to the level of 104.10. Critical level for this scenario is 101.00.
USD/CAD Wave analysis and forecast for 01.08 – 08.08: The pair is likely to grow. Estimated pivot point is at the level of 1.0787.
Our opinion: Buy the pair above the level of 1.0787 with the target of 1.0990 – 1.10.
Alternative scenario: Breakout of the level of 1.0787 will allow the pair to decline up to the levels of 1.07 – 1.0616.
Analysis: Presumably, the formation of the ascending momentum as the first, one-two, one-two wave in the fifth wave of the senior level is being formed. Locally, the third wave (iii) of I is being developed. If this assumption is correct, the pair will continue to grow without breaking down the critical level of 1.0787.
