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Wave analysis and forecast for 03.06 – 10.06 by Lite Forex

 

EUR/USD: Wave analysis and forecast for 03.06 – 10.06: The pair is likely to rise up within correction.

Estimated pivot point is at the level of 1.1108.

Our opinion: Buy the pair from correction above the level of 1.1108 with the target of 1.1340 – 1.14.

Alternative scenario: Breakout and consolidation of the price below the level of 1.1108 will allow the pair to continue the rise up to 1.0990 – 1.0940.

Analysis: The formation of the downward correction of the senior level continues, within which it is likely that the development of the bearish impetus as the wave (a) of ii has completed. Currently, it seems that the formation of the upward correction as the wave (b) of ii has started. If this assumption is correct, the pair will continue to rise up to 1.1340 – 1.14. Critical level for this scenario is 1.1108.

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GBP/USD: Wave analysis and forecast for 03.06 – 10.06: The pair is likely to decline.

Estimated pivot point is at the level of 1.4738.

Our opinion: Sell the pair from correction below the level of 1.4738 with the target of 1.40.

Alternative scenario: Breakout and consolidation of the price above the level of 1.4738 will enable the pair to continue the rise up to the level of 1.50.

Analysis: Presumably, the formation of the upward correction has completed as the second wave ii of 5 and the development of the third wave has started. Locally, it seems that the first one-two wave of the junior level (i) of iii as an impetus is being formed. If this assumption is correct, the pair will continue to decline to the level of 1.40. Critical level for this scenario is 1.4738.

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USD/CHF: Wave analysis and forecast for 03.06 – 10.06: The pair is likely to decline.

Estimated pivot point is at the level of 0.9950.

Our opinion: Sell the pair bellow the level of 0.9950 with the target of 0.9660.

Alternative scenario: Breakout and consolidation of the price above the level of 0.9950 will allow the pair to continue to rise up to 1.0010 – 1.0100.

Analysis: Presumably, the formation of the upward correction completed as the second wave ii, which took a shape of a plane (a)(b)(c). Currently, it seems that the third wave of the senior level started to develop, within which the first one-two wave of the junior level seems to form. If this assumption is correct, the pair will continue to decline to the level of 0.9660. Critical level for this scenario is 0.9950.

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USD/JPY: Wave analysis and forecast for 03.06 – 10.06: The pair is likely to decline within correction.

Estimated pivot point is at the level of 109.17.

Our opinion: Buy the pair from the correction above the level of 109.17 with the target of 114.00.

Alternative scenario: Breakout and consolidation of the price below the level of 105.46 will permit the pair to continue the decline to the levels of 103.50 – 103.00 within the long-term downtrend.

Analysis: Presumably, the formation of the upward correction as the fourth wave of the senior level continues. At the moment it is likely that the formation of the wave (a) of iv is nearing completion. Within this wave an irregular plane seems to be formed. If this assumption is correct, after the breakout of the level of 109.17 it is logical to wait the pair to continue to rise to the level of 114.00 within the wave (c) of iv. Critical level for this scenario is 105.46.

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USD/CAD: Wave analysis and forecast for 03.06 – 10.06: Uptrend continues.

Estimated pivot point is at the level of 1.29.

Our opinion: Buy the pair from correction above the level of 1.29 with the target of 1.3294.

Alternative scenario: Breakdown and consolidation of the price below the level of 1.29 will enable the pair to continue decline to 1.26 – 1.25.

Analysis: Presumably, the formation of the upward correction continues in the wave B of the senior level. At the moment, it seems that the first wave of the junior level a of B as diagonal is being formed, within which the fourth wave (iv) of has completed and presumably the fifth one is being formed. If this assumption is correct, the pair will continue to rise up to 1.3294. Critical level for this scenario is 1.29.

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Source: http://www.liteforex.com/

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