Wave analysis of EURUSD, GBPUSD, USDJPY on June 20.
It is assumed that after the completion of the construction of the ascending correction wave 2 consisting of three shallow waves, we saw the beginning of the decline within the momentum of 3. Despite the fact that the decline was interrupted by an upward correction, most likely the currency pair will continue to move in a downward direction today. In favour of this scenario, the situation in the credit markets. In the second half of the day, you should expect the publication of data on home sales in the secondary market in the US for May. The news will be published at 17:00 Moscow time, it may have some impact on the movement of quotations.
As expected, after the completion of the upward correction (ii), we saw the beginning of a new downtrend within the impulse wave (iii). On the last site, a local lateral correction is formed. It is likely that in the near future it will be fully completed, and the decline in the currency pair will continue. Reducing the spread of the yield of 10-year government bonds of the United Kingdom and the United States in favour of this. Also, today we should pay attention to the publication of data on crude oil reserves in the US, which will be published at 17:30 Moscow time. This news will have an impact on the movement of quotes Brent, but due to the strong correlation of GBPUSD and Brent, the situation will affect the GBPUSD.
The market completed the formation of the downward momentum (A), after which the development of a new bullish correction wave (B) began. Most likely, this wave is coming to an end, and soon we will see a price turn and a continuation of the decline within the momentum framework (C). The publication of the above-mentioned news will also have an impact on the movement of USDJPY.
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