Wave analysis of EURUSD, GBPUSD, USDJPY on June 29.
At the moment, the market is in a rather difficult phase of its construction. In one day the price moves down, the other goes up. This is a sign that the price is now in a clearly corrective wave. Trade at this time is not recommended. It is not ruled out that an upward correction wave [b] is currently developing, after its complete completion, we can see a decrease in the wave [c] of X. Also, in the middle of the European trading session, we are waiting for the publication of the release of inflation in the Euro area. This report can please investors with positive data and support the euro, which will also help to raise the price.
It is possible that the market has completely completed the construction of the finite diagonal [C]. If the assumption is true, in the near future we will see the rise of the currency pair within the new ascending wave. Also, there is a growth in the commodity market, which will put pressure on the US dollar, as raw materials are quoted in US currency. Plus, today is the last day of the month and quarter, so you can expect profit taking on short positions, as investors in recent days actively selling British currency.
The market is growing within the framework of an ascending combination of zigzags (w) - (x) - (y). In the last section, the last bull zigzag (y) is built, so today it is possible to continue the rise of the currency pair. What will be further difficult to say, tk. the structure of the waves, which are now being formed, looks rather complicated. The fact that investors are returning to the American stock market, as the pair strongly correlates with the S & P500 index, also supports the rise. I would also like to note that there is an increase in the debt market, the spread of the yield of 10-year government bonds of the US and Japan demonstrates growth, this will be supported by USDJPY.
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