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Wave analysis and forecast for 22.07.2016 – 29.07.2016 by LiteForex

 

EUR/USD: Wave analysis and forecast for 22.07 – 29.07: Downtrend continues.

Estimated pivot point is at the level of 1.1163.

Our opinion: Sell the pair from correction below the level of 1.1163 with the target of 1.09.

Alternative scenario: Breakout and consolidation of the price above the level of 1.1163 will trigger the rise in the pair to 1.1250.

Analysis: Presumably, the formation of the downward correction of the senior level continues, as the wave 2. Within this wave, the final wave c of 2 is being developed. At the moment, it seems that the formation of the flat correction, as the wave (ii) has completed, while the third wave (iii) is being developed, within which one-two impetus i of (iii) has formed and the local correction, as the wave ii is being developed. If this assumption is correct, after the completion of the correction the pair will continue to decline to 1.09 – 1.08.

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GBP/USD: Wave analysis and forecast for 22.07 – 29.07: Correction in the pair continues.

Estimated pivot point is at the level of 1.3058.

Our opinion: Buy the pair from correction above the level of 1.3058 with the target of 1.3680 - 1.3888.

Alternative scenario: Breakout and consolidation of the price below the level of 1.3058 may trigger further decline to 1.2256.

Analysis: Presumably, the formation of the upward correction continues as the wave 2. Locally, it seems that the formation of the wave (c) of 2, having a shape of a zigzag, is nearing completion. If this assumption is correct, the pair can continue to rise up to 1.3680 – 1.3888. Critical level for this scenario is 1.3058. Breakout of this level will trigger further decline in the pair.

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USD/CHF: Wave analysis and forecast for 22.07 – 29.07: Upward correction continues.

Estimated pivot point is at the level of 0.9955.

Our opinion: Wait until the formation of the wave v of c of ii is completed and then sell the pair below the level of 0.9955 with the target of 0.9510 – 0.93.

Alternative scenario: Breakout and consolidation of the price above the level of 0.9955 will trigger further rise up to 1.0 – 1.0100.

Analysis: Presumably, the formation of the upward correction is nearing completion as the second wave (ii) having a shape of a zigzag. Locally, it is assumed that the final diagonal triangle is being developed in the wave с of (ii). If this assumption is correct, the pair may start to decline to 0.9510 – 0.93 in the third wave (iii). Critical level for this scenario is 0.9955. Breakout of this level will trigger further rise in the pair.

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USD/JPY: Wave analysis and forecast for 22.07 – 29.07: Uptrend continues.

Estimated pivot point is at the level of 104.50.

Our opinion: Buy the pair from correction above the level of 104.50 with the target of 109.00.

Alternative scenario: Breakout and consolidation of the price below the level of 104.50 will trigger further decline in the pair to 102.70 – 101.20.

Analysis: Presumably, the formation of the large upward correction continues as the wave B, in which one-two impetus of the junior level (i) has been formed. At the moment, it seems that the local correction, as the irregular plane (ii), is nearing completion. If this assumption is correct, after the completion of the correction the pair will continue to rise up to 109.00.

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USD/CAD: Wave analysis and forecast for 22.07 – 29.07: Correction in nearing completion. The pair is likely to decline.

Estimated pivot point is at the level of 1.3022.

Our opinion: Sell the pair after breakout of the level of 1.3022 with the target of 1.2630.

Alternative scenario: Breakdown and consolidation of the price above the level of 1.3170 will trigger further rise in the pair up to 1.32 – 1.33, or higher.

Analysis: Presumably, the formation of the upward correction continues in the wave B of the senior level, which is taking a shape double three wxy. At the moment, it is assumed that the formation of the wave (с) y of B is nearing completion; within this wave the final diagonal triangle is being formed. If this assumption is correct, the pair may continue to decline to 1.2630. Critical level for this scenario is 1.3170. Break out of this level will trigger further rise in the pair.

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Source: http://www.liteforex.com/

 

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