Wave analysis and forecast for 29.07.2016 – 05.08.2016 by LiteForex

EUR/USD: Wave analysis and forecast for 29.07 – 05.08: The pair is likely to grow.

Estimated pivot point is at the level of 1.0960.

Our opinion: Buy the pair from correction above the level of 1.0960 with the target of 1.1163 – 1.14.

Alternative scenario: Breakout and consolidation of the price below the level of 1.0960 may trigger the decline in the pair to 1.08.

Analysis: Presumably, the formation of the downward correction of the senior level continues, as the wave 2. It is assumed that within this wave the first wave a of 2, which took a shape of a wedge, has just completed. It seems that currently upward correction as the wave b of 2, is being formed. If this assumption is correct, the pair may continue to rise up to 1.1160 – 1.14. Critical level for this scenario is 1.0960.

GBP/USD: Wave analysis and forecast for 29.07 – 05.08: The pair is likely to grow.

Estimated pivot point is at the level of 1.3055.

Our opinion: Buy the pair from correction above the level of 1.3055 with the target of 1.3640 - 1.3880.

Alternative scenario: Breakout and consolidation of the price below the level of 1.3055 may trigger further decline to 1.2780.

Analysis: Presumably, the formation of the upward correction, as the wave 2, continues. Locally, it is likely that the wave (c) of 2 is being formed, within which the first wave of the junior level i of (c) seems to develop. If this assumption is correct, the pair may continue to rise up to 1.3640 – 1.3880. Critical level for this scenario is 1.3055. Breakout of this level will trigger further decline in the pair.

USD/CHF: Wave analysis and forecast for 29.07 – 05.08: Downtrend continues.

Estimated pivot point is at the level of 0.9955.

Our opinion: Sell the pair from correction 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 has completed as the second wave (ii), which took a shape of a zigzag. Locally, it is assumed that the diagonal triangle has been developed in the wave с of (ii) and one-two impetus i of (iii) has been formed. If this assumption is correct, the pair can continue to decline to 0.9510 in the third wave (iii).

USD/JPY: Wave analysis and forecast for 29.07 – 05.08: Uptrend continues.

Estimated pivot point is at the level of 99.88.

Our opinion: Buy the pair from correction above the level of 99.88 with the target of 109.00.

Alternative scenario: Breakout and consolidation of the price below the level of 99.88 will trigger further decline in the pair to 97.00 – 96.00.

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 (ii) has completed. If this assumption is correct, the pair will continue to rise up to 109.00.

USD/CAD: Wave analysis and forecast for 27.07 – 05.08: The pair is likely to decline.

Estimated pivot point is at the level of 1.3243.

Our opinion: Sell the pair from correction below the level of 1.3243 with the target of 1.2858.

Alternative scenario: Breakdown and consolidation of the price above the level of 1.3243 will trigger further rise in the pair up to 1.33 – 1.34, or higher.

Analysis: Presumably, the formation of the upward correction has completed in the wave B of the senior level, which has a shape double three wxy. Locally, it seems that one-two impetus of the junior level has formed. If this assumption is correct, the pair may go down to the level of 1.2858. Critical level for this scenario is 1.3243.

Source: http://www.liteforex.com/