Wave analysis of EURUSD, GBPUSD, USDJPY on July 10.
The market continues to move within the setup of the correctional wave (4), forming the final part of the upward momentum. Apparently, now there is a construction of a small downward correction iv, after its complete completion, growth will continue in the wave v. Then it is possible to turn the price and start the market decline in the new downward trend. In favour of the fact that in the short term we will see a rise in the price, the fact that the commodity market is growing, which is a negative factor for the dollar, as raw materials are quoted in US currency.
Presumably, for the previous trading day, the market formed a downward correction wave, which is a wave (ii). Accordingly, after its full completion, the price may rise within the new uptrend. However, growth is likely to continue not earlier than a day later. In the debt market, after yesterday's resignation of the Foreign Secretary of Great Britain, the yield of British bonds fell, which triggered a decline in GBPUSD. Most likely, the decline has completely exhausted its potential, and today we will be able to see only a slight downward movement. In this regard, tomorrow the price may rise.
Apparently, the construction of a long ascending X wave was continued. Now its last part is formed, a zigzag (z), within which we see a bullish impulse C of (z). Most likely, in the near future, growth will continue in the direction of the level of 111.3. An upward trend in the US stock market will promote bullish movement, the pair has a strong correlation with the S & P500. A positive trend is also observed in the Asian stock markets, which indicates investors' interest in the shares.
Do you want to practice and test the analyst's assumptions? Open a demo account in ARUM Capital!
If you are confident in your abilities and consider the risks, you can open a real account for trading.
|Open a demo account||Open a real account|
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.