Wave analysis of EURUSD, GBPUSD, USDJPY on July 02.

 

EUR/USD

The market is in the final phase of building an upward wave (c) of [b]. This is a rather inconvenient position for making trade decisions, because it's too late to buy, and it may be too early to sell. In addition, a correctional wave [b] inside the correctional wave X is now being formed, which can provoke the construction of complex wave structures. It should be noted that in the credit markets there is negative dynamics, the yield of 10-year government bonds in Germany is declining relative to its counterparts from the United States and Britain. This fact indirectly contributes to a decline in the market. However, oil quotes are rising, and due to the direct correlation of these two instruments, a small increase may occur on EURUSD.

 

GBP/USD

Presumably, the development of a major downward zigzag [A] - [B] - [C] in which the wave [C] took the form of a finite diagonal was completed. In the last sector, we can see the beginning of a new upward trend. After the construction of the upward impulse wave [i] is completed, the market may begin to move downward within the bearish correction [ii]. In general, to make more accurate judgments, it is better to wait for clarification of the situation. In favour of the upswing in the very near future is a positive trend in the debt market, where the yield of 10-year government bonds in the UK is growing relative to its counterparts from the United States and Germany. Similarly, the growth of oil quotations may trigger a recovery on GBPUSD, due to the direct correlation of these two instruments.

 

USD/JPY

In line with expectations, the market updated the previous high. We saw the construction of a rather complex correction wave (y) of [z] of X, which took the form of a combination of zigzags. It is likely that the price growth has already been completed, so in the near future we can see the beginning of a new downtrend. However, it is still difficult to say with certainty whether the trend has started, since the market moves "within the previous framework" and as long as there is no visible change in the trend. In favour of the fact that the actual reversal "not far off" is evidenced by the fact that there are sales in Asian stock markets. In the leaders of the fall indices Nikkei 225 and Shanghai. Therefore, the probability that soon we will see a price reduction is not so low.

 


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Care. The provided market analysis materials are a professional opinion of an associate of ARUM CAPITAL. These materials are provided for infomation purposes only. In no way can the provided analysis be considered as an action signal, neither is it any sort of investment advice (for the purposes of EU Directive 2004/39/EC). ARUM CAPITAL waives any liability for the trading results which may arise after using these reviews. These materials contain NO warranties or guarantees, either direct or implicit, on the precise, complete or confirmed character of the details they contain.

 

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