Wave analysis of EURUSD, GBPUSD, USDJPY on June 06.
At the moment the market is at a crossroads. While not completely clear which version of the movement will choose the price. Or we will see the completion of the upward correction wave 4, after which the currency pair will begin to move in a downward direction. Or the market growth will continue within the initial part of the uptrend. If we talk about the movement within the day, it is likely that in the near future we will see a slight rise in prices, because in the Eurozone is reduced degree of geopolitical tension. The Italian Senate has expressed confidence in the government of Giuseppe Conte, and now the Cabinet can start its work. From the news, today we should pay attention to the publication of data on crude oil reserves from the Ministry of energy, which will be published at 17:30 GMT in the United States.
As expected, the market moved up in the upward impulse wave c of (y). Most likely, at the moment this momentum is not yet complete, so in the near future the price growth can be continued, approximately as indicated on the chart. After full completion of wave (y), the pair will start development of the descending correctional wave ligament (xx). In favor of the rise in the short term, the situation in the credit markets, where there is an increase in the yield of 10-year UK government bonds in relation to their counterparts from the US and Germany. Secondly, we can expect a positive report from the Ministry of energy at 17:30 Moscow time, which can provoke the growth of oil. And because of the strong correlation between Brent oil price, growth is possible for GBPUSD.
The market continues to move in the upward wave X, within which the final part of the momentum is developing [C]. Most likely, after a small rise, which will happen in the next few hours, the currency pair will begin to fall in the initial part of the new downtrend. The movement of this currency pair will also be affected by data on crude oil reserves from the Ministry of energy, which will be published today.
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