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Wave analysis and forecast for 01.07.2016 – 08.07.2016 by LiteForex

 

EUR/USD: Wave analysis and forecast for 01.07 – 08.07: The pair is likely to grow.

Estimated pivot point is at the level of 1.1020.

Our opinion: Buy the pair from correction above the level of 1.1020 with the target of 1.1230 – 1.1424.

Alternative scenario: Breakout and consolidation of the price below the level of 1.1020 will trigger the decline in the pair to 1.09 – 1.08.

Analysis: Presumably, downward correction of the senior level as the wave ii of 3 has completed in the 4-hour timeframe. At the moment, it is likely that the third wave iii of 3 is being formed, within which one-two wave of the junior level (i) is being developed. If this assumption is correct, the pair can continue to rise up to 1.1230 – 1.1424 or higher up.

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GBP/USD: Wave analysis and forecast for 01.07 – 08.07: It is expected that the pair will undergo upward correction.

Estimated pivot point is at the level of 1.3526.

Our opinion: Buy the pair from correction above the level of 1.3526 with the target of 1.4060 – 1.4280.

Alternative scenario: Decline in the pair below the level of 1.31 and formation of the extended wave pattern 1 of (5).

Analysis: Presumably, the formation of the first wave 1 of (5), which is taking a shape of a wedge, is nearing completion. Locally, it is likely that the fifth wave of the junior level v of 1 is being formed. If this assumption is correct after the completion of this wave the pair can reverse and go up to 1.4060 – 1.4280 as part of the correction.

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USD/CHF: Wave analysis and forecast for 01.07 – 08.07: The pair is likely to decline.

Estimated pivot point is at the level of 0.9838.

Our opinion: Sell the pair from correction below the level of 0.9838 with the target of 0.9510 – 0.93.

Alternative scenario: Breakout and consolidation of the price above the level of 0.9838 may trigger further rise up to 1.0 – 1.0100.

Analysis: Presumably, the formation of the third wave iii of the senior level continues. Currently, it seems that upward correction as the wave (ii) has completed. If this assumption is correct the pair can decline to 0.9510 – 0.93. Critical level for this scenario is 0.9838. Breakout of this level will trigger further rise in price.

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USD/JPY: Wave analysis and forecast for 01.07 – 08.07: Downtrend continues.

Estimated pivot point is at the level of 103.46.

Our opinion: Sell the pair from correction below the level of 103.46 with the target of 97.70.

Alternative scenario: Breakout and consolidation of the price above the level of 103.46 will trigger further rise up to 106.80.

Analysis: Presumably, the formation of the long-term downtrend continues. It is assumed that within this trend the fifth wave is being developed. It is likely that the local correction as the fourth wave (iv) has completed. If this assumption is correct, the pair can continue to decline to 97.70. Critical level for this scenario is 103.46.

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USD/CAD: Wave analysis and forecast for 01.07 – 08.07: Correction is nearing completion.

Estimated pivot point is at the level of 1.2912.

Our opinion: Buy the pair from correction above the level of 1.3175 with the target of 1.3294. If the price consolidates below the level of 1.2912, sell with the target of 1.2630.

Alternative scenario: Breakdown and consolidation of the price below the level of 1.2912 will trigger further decline to 1.2630 – 1.25.

Analysis: Presumably, the formation of the upward correction is nearing completion in the wave B of the senior level. At the moment, it seems that the wave с of B is being developed, within which the fourth wave (iv) of the diagonal triangle has co0mpleted. If this assumption is correct, the pair may continue to rise to 1.3175 in the fifth wave (v). Critical level for this scenario is 1.2912.

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Source: http://www.liteforex.com/

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