Wave analysis of EURUSD, GBPUSD, USDJPY on July 11.
Presumably the development of the downward corrective wave iv was completed, therefore in the near future the market may rise in the framework of a new bullish wave v. When the price reaches the maximum, which formed the previous wave W, it is possible to turn the market down. The growth of quotations today can also be expected due to positive dynamics in the yield of 10-year government bonds of Germany in relation to their counterparts from the United States and Great Britain. From the news, today we should pay attention to the publication at 15:30 Moscow time of the producer price index for June. Most likely, this news will have an impact on the market.
It is likely that now we see the development of an upward momentum where correctional wave was constructed . This wave took the form of a converging horizontal triangle. Since the triangle is fully formed, in the near future, price growth is possible within the momentum . From the news, today we should pay attention to the publication in the US of data on the producer price index for June. During the publication of this news, you should be especially careful.
The rising impulse wave c of (z) now looks completed. Immediately after that, the market quite sharply subsided within the downward momentum [i], after which a bullish correction was built [ii]. Most likely, now the wave [ii] is not yet complete, so the growth may still continue. Approximately in the afternoon, the correction will be built, and the market may begin to move in a downward direction. The decline will be facilitated by the fact that the US government made a statement that the US is ready to increase the volume of goods from China that fall under new duties. Asian stock markets fell under a wave of sales due to this news. So the decline in the near future is likely.
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