Estimated pivot point is at the level of 1.1187.
Our opinion: Sell the pair from correction below the level of 1.1187 with the target of 1.09 – 1.08.
Alternative scenario: Breakout and consolidation of the price above the level of 1.1187 will trigger the rise in the pair up to 1.1424.
Analysis: Presumably, the formation of the downward correction of the senior level continues on 4-hour timeframe. At the moment, it is likely that the local correction of the junior level has completed in the wave ii of (с), which took a shape of a plane. If this assumption is correct, the pair will continue to decline to 1.09 – 1.08 in the wave iii. Critical level for this scenario is 1.1187. Breakout of this level will trigger further rise in the pair.
GBP/USD: Wave analysis and forecast for 08.07 – 15.07: Downtrend continues.
Estimated pivot point is at the level of 1.3055.
Our opinion: Sell the pair from correction below the level of 1.3055 with the target of 1.27. If the price breaks out and consolidates above 1.3055, buy with the target of 1.3630.
Alternative scenario: Decline in the pair below the level of 1.3055 will trigger the rise up to 1.3630 as part of the correction.
Analysis: Presumably, the formation of the first wave 1 of (5), which is taking a shape of a wedge, is nearing completion. Locally, it is likely that the fifth wave of the junior level v of 1 is being formed. If this assumption is correct after the completion of this wave the pair can continue to decline to the level of 1.27. Critical level for this scenario is 1.3055.
USD/CHF: Wave analysis and forecast for 08.07 – 15.07: The pair is likely to decline.
Estimated pivot point is at the level of 0.9838.
Our opinion: Sell the pair from correction below the level of 0. 0.9838 with the target of 0.9510 – 0.93.
Alternative scenario: Breakout and consolidation of the price above the level of 0.9838 may trigger further rise up to 1.0 – 1.0100.
Analysis: Presumably, the formation of the third wave iii of the senior level continues. Currently, it seems that upward correction as the wave (ii) has completed. If this assumption is correct the pair can decline to 0.9510 – 0.93 in the third wave (iii). Critical level for this scenario is 0.9838. Breakout of this level will trigger the rise in price.
USD/JPY: Wave analysis and forecast for 08.07 – 15.07: Downtrend continues.
Estimated pivot point is at the level of 101.47.
Our opinion: Sell the pair from correction below the level of 101.47 with the target of 97.70. In case of breakout of the level of 101.47, buy with the target of 103.38.
Alternative scenario: Breakout and consolidation of the price above the level of 101.47 will trigger further rise up to 103.38.
Analysis: Presumably, the formation of the long-term downtrend continues. It is assumed that within this trend the fifth wave is being developed. At the moment, it seems that the final fifth wave of the junior level (v) is being formed. If this assumption is correct, the pair can go down to the level of 97.70. Critical level for this scenario is 101.47.
USD/CAD: Wave analysis and forecast for 08.07 – 15.07: The pair is likely to rise.
Estimated pivot point is at the level of 1.2876.
Our opinion: Buy the pair from correction above the level of 1.2876 with the target of 1.3175. If the price consolidates below the level of 1.2876, sell with the target of 1.2630.
Alternative scenario: Breakdown and consolidation of the price below the level of 1.2876 will trigger further decline to 1.2630 – 1.25.
Analysis: Presumably, the formation of the upward correction is nearing completion in the wave B of the senior level. At the moment, it seems that the wave с of B is being developed, within which the fifth wave (v) of the diagonal triangle is being formed. If this assumption is correct, the pair may continue to rise to 1.3175. Critical level for this scenario is 1.2876.
