Wave analysis of EURUSD, GBPUSD, USDJPY for 06.08.2020
Forecast for EUR/USD for 06.15.2020
The construction of an upward impulse wave continues, where, after the completion of two small sub-waves 1 and 2, a powerful five-wave impulse 3 began to form. It consists of sub-waves [1]-[2]-[3]-[4]-[5]. Corrective wave [4] is an inclined triangle, as its forming lines are directed upwards, like the main trend. An impulse wave is currently developing [5]. In the near future, growth is expected to continue in the sub-wave (5) to the level of 1.2360. In the current situation, we can consider buying with the target of 1.2360.
Investment solutions: buy 1.1869, take profit 1.2360
Forecast for GBP/USD на 06.08.2020
The development of the global corrective wave B, which takes the shape of a triangle, continues. Now the final part of this triangle is being built – wave [E]. Wave [E] is an upward triple zigzag (W) – (X) – (Y) – (XX) – (Z), and now we are in a zigzag wave (Z), or rather in its final part – impulse C. Perhaps , in the near future we will see the end of the subwave [5] of C near the level of 1.3300, after which the market is expected to decline in a new trend. In the current situation, we can consider buying with the target at 1.3300.
Investment solutions: buy 1.3162, take profit 1.3300
Forecast for USD/JPY на 06.08.2020
After the downward wave link X, which took the form of a double zigzag [W] – [X] – [Y], was completed, we saw the growth of the currency pair in the initial part of the final wave Y. Most likely, it was an upward impulse wave [1] was built, and now the correction [2] is nearing the end. It is possible that the completion of the corrective movement will soon occur, and then the market will continue to move upward towards the level of 107.52, as indicated on the chart. In the current situation, it is recommended to consider buying with the target of 107.52.
Investment solutions: buy 105.52, take profit 107.52
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Author: Роман Стругацких
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