Estimated pivot point is at a level of 1.0840.
Our opinion: Buy the pair from correction above the level of 1.0840 with the target of 1.1220 – 1.1435.
Alternative scenario: Breakout of the level of 1.0840 and consolidation below this level will trigger further decrease in price up to 1.07.
Analysis: Presumably, the third wave of the senior level 3 is being formed. Locally, it is likely that the first (i) and the second waves (ii) of the junior level have been formed. If this assumption is correct, the pair can continue to rise up to 1.12 – 1.14. Critical level for this scenario is 1.0840. Breakout of this level will enable the price to go down to 1.07.
GBP/USD Wave analysis and forecast of 07.08 – 14.08: The pair is likely to decline.
Estimated pivot point is at a level of 1.5640.
Our opinion: Sell the pair from correction below the level of 1.56400 with the target of 1.53 – 1.52. In case of breakdown of the level of 1.5640, buy the pair with the target of 1.58 – 1.60.
Alternative scenario: Breakout and consolidation of the price above the level of 1.5640 will allow the rise in the pair up to 1.58 – 1.60.
Analysis: Due to the continued flat, a scenario of the rise in the pair is temporary cancelled. It is likely that at the moment the pair is in the wave X, and the wave С of X is being developed. Locally it seems that a few one-two waves have been formed. If this assumption is confirmed, the pair will continue to go down to 1.54 – 1.52. Critical level for this scenario is 1.5640.
USD/CHF Wave analysis and forecast for 07.08 – 14.08: Uptrend continues; local correction is possible.
Estimated pivot point is at a level of 0.9747.
Our opinion: Buy the pair from the correction above the level of 0.9747 with the target of 0.99. In case of breakdown of the level of 0.9747, sell the pair with the target of 0.9540.
Alternative scenario: Breakout and consolidation of the price below the level of 0.9519 will enable the pair to continue to decline to 0.93.
Analysis: Presumably, the formation of the third wave of the senior level 3 continues. It is likely that within this wave the third wave (iii) of 3 of the junior level is nearing completion. If this assumption is correct, the pair will continue to rise to 0.99 and from this level the “bearish” correction may begin. Critical level for this scenario is 0.9747.
USD/JPY Wave analysis and forecast of 07.08 – 14.08: Uptrend continues.
Estimated pivot point is at a level of 124.50.
Our opinion: Buy the pair from correction above the level of 124.50 with the target of 126.50.
Alternative scenario: Breakout and consolidation of the price below the level of 124.50 will make the pair continue to decline to 123.50 – 123.00.
Analysis: Presumably, the formation of the local correction as the wave (ii), which has reached the corrective level of 38%, has completed. Locally, it seems that the third wave (iii) is being formed, within which the third wave of the junior level iii of (iii) is being developed. If this assumption is correct and the price does not break down the critical level of 124.50, the pair will continue to rise up to 126.50. If the critical level is broken down, the pair will continue to decline to 123.50 – 123.00.
USD/СAD Wave analysis and forecast of for 07.08 – 14.08: Uptrend continues.
Estimated pivot point is at a level of 1.2857.
Our opinion: Wait for the completion of the correction and buy the pair above the level of 1.2857 with the target of 1.34.
Alternative scenario: Breakout and consolidation of the price below the level of 1.2857 will enable the pair to continue to decline to 1.2545.
Analysis: Presumably, the third wave of the senior level iii of 5 is still being formed, while within it the extension of the impetus is being developed. Locally, it is likely that the third wave of the junior level (iii) has completed and the correction as the wave (iv) is being developed. If this assumption is correct, after the completion of the correction the pair will continue to rise to the level of 1.34. Critical level for this scenario is 1.2857.
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