Wave Analysis 24.06.2015 (EUR/USD, GBP/USD, USD/JPY, USD/CAD)

June 24, 2015

EUR USD, “Euro vs US Dollar”

Euro continues forming double zigzag inside wave (B) of [Y]. Right now, the pair is forming wave [c] of Y of (B) of this pattern in the form of diagonal triangle. The market is expected to continue moving upwards.

The price has completed zigzag (ii) of [c] of Y, which has almost reached retracement 78.6% of wave (i) of [c] of Y. In the future, the market is expected to start growing inside wave (iii) of [c] of Y. At the same time, we should note that if the pair forms a five-wave descending structure instead of the current zigzag a-b-c, then wave (B) of [Y] will turn out to be completed and this structure will be the first impulse inside a large descending wave (C) of [Y].

GBP USD, “Great Britain Pound vs US Dollar”

Pound continues forming wave C of (2) of [3] of a large ascending zigzag. By now, the market has already finished wave [iv] of C of (2) and nay soon reach a new local high while forming wave [v] of C of (2).

The price has broken its ascending channel, but the main scenario is still the same: after finishing the correction [iv] of C of (2) in the form of double zigzag, Pound may continue growing and forming wave [v] of C of (2).

USD JPY, “US Dollar vs Japanese Yen”

So far, there are no signs that Yen has finished the first ascending impulse. Most likely, the current ascending movement looks more like double zigzag, and that’s in compliance with the main scenario. According to this scenario, the market is still forming double zigzag inside wave 2 of (5) of [5] and in the nearest future it may reach a new local low inside wave [y] of 2 of (5).

The pair hasn’t broken the critical level yet, so the main scenario remains the same. The market is expected to move downwards and form wave [y] of 2 of (5).

USD CAD, “US Dollar vs Canadian Dollar”

The chart structure has been changed a little bit, but the main scenario remains the same. The current local growth looks like double zigzag, that’s why we may assume the price has just finished wave x of (ii) of [v] which may be followed by a descending wave y of (ii) of [v].

So, the pair is forming wave x of (ii) of [v] in the form of double zigzag. Later, the price is expected to start falling inside wave y of (ii) of [v].

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