Wave analysis of EURUSD, GBPUSD, USDJPY on June 08.
It is assumed that after the construction of the downward correction wave (2) was completed, the market began to move up within the upward impulse wave (3).Thus, in the near future it is possible to continue the rise of the currency pair. In favor of this scenario, the situation on credit markets shows that the yield of 10-year German government bonds is growing in relation to its counterparts from the US and the UK. Given that today is not expected important macroeconomic statistics, the market will move gradually and without sudden jumps.
The currency pair completed the development of the upward impulse wave c of (y), after which the construction of the lateral correction (xx) began. Most likely, in the near future the market will continue the formation of this wave, and after its complete completion, the market will continue to grow within the next rising wave. Also, in the debt market there is an increase in the differential yield of 10-year government bonds of the UK and the US, which will support the pound. Secondly, oil also increased on Thursday, which is positive for the pair GBP USD.
After completing the construction of the upward correction wave X, we saw the initial part of the downward trend. Apparently, the decline will continue in the near future. Thus, to consider the purchase of the current site is a very dangerous occupation. It should also be taken into account that today there is no important macroeconomic statistics, so the market will not make sudden movements.
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