Wave analysis of EURUSD, GBPUSD, USDJPY for 07.08.2020

Forecast for EUR/USD for 07.08.2020

The building of the upward impulse wave 3. After the completion of the correction wave [4], which is an inclined triangle, we saw an increase in the final impulse wave [5]. It is marked with subwaves (1)-(2)-(3)-(4)-(5). Currently, the initial part of the upward impulse is being built (5). Most likely, the price growth will continue to the level of 1.2360. In the current situation, it is recommended to consider buying in order to fix the profit at a given level.

Investment solutions: buy 1.1846, take profit 1.2360

Forecast for GBP/USD for 07.08.2020

After the completion of the downward wave of the bond (XX), which took the form of a triple zigzag, we saw the formation of the final wave (Z), which takes the form of a simple zigzag A-B-C. The final wave [5] of the upward impulse wave C is currently in the development stage. Most likely, we will see the end of the market growth in the area of ​​1.330. Thus, in the current situation, it is recommended to consider buying in order to take profit at the specified level.

Investment solutions: buy 1.3127, take profit 1.3300.

Forecast for USD/JPY for 07.08.2020

As part of the W-X-Y upward double zigzag, we saw the completion of the downward bundle waves X, after which the market began to build the initial part of the final wave Y. Most likely, the first one was completed a small impulse [1], and now the correctional wave [2] is nearing completion. It is possible that in the near future the decline will continue to the level of 105.09, after which will resume the growth of the currency pair. In the current situation, it is recommended consider opening deals for purchases in order to take profit at the level 107.52.

Investment solutions: buy 105.09, take profit 107.52

Author: Роман Стругацких

Аналитик FTM

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