Wave analysis of EURUSD, GBPUSD, USDJPY on June 07.
The previous version with the final diagonal finally lost its relevance. Apparently, in the last section we see the beginning of a new uptrend or a deep upward correction. Most likely, in the coming trading weeks we will expect the rise of the currency pair. The positive dynamics of the credit markets, where the yield of 10-year German government bonds is growing in relation to its counterparts from the US and the UK, is in favour of the recovery. Also, we see the growth of quotations of commodities, such as copper, where in the last week a fairly powerful trend is developing. This fact will provoke EUR USD to the upward movement.
The market continues to move in the framework of the ascending structure of the zigzag combination. Now the wave C of (y) is coming to an end, after the full completion of which the currency pair will begin to build a downward or lateral correction (xx). As for the bond market, the situation on it also contributes to the upward movement of GBPUSD, as we see an increase in the spread of the yield of 10-year government bonds of the UK and the US. This factor will be crucial for the price, because today there is no other important macroeconomic statistics.
Apparently, yesterday the market completed the construction of the upward impulse wave (5) of [C] of X, after which the beginning of a new downward trend Y. Thus, there is a possibility that today the market will go in a downward direction. However, trade should be with caution, because the us stock market is storming new heights, and it can strengthen the bulls on USDJPY.
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