Wave Analysis 13.05.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
13.05.2016
Forecast for May 13th, 2016
EUR USD, “Euro vs US Dollar”
Probably, Eurodollar has started forming the wave (iii). Earlier, the price completed the descending impulse in the wave (i) and the correction in the second wave. During the day, the market may continue falling.
More detailed structure is shown on the H1 chart. Probably, the wave (ii) has taken the form of the zigzag. In the nearest future, the market may continue moving downwards in the wave iii of (iii).
GBP USD, “Great Britain Pound vs US Dollar”
In case of Pound, the situation is quite similar. It looks like after finishing the local correction, the price has started forming the third wave. On Friday and during the next week, the pair may continue moving downwards.
At the H1 chart, after finishing the wedge in the wave (i), Pound formed the zigzag in the wave (ii). As a result, in the nearest future the market may resume its decline and reach several new lows.
USD JPY, “US Dollar vs Japanese Yen”
In case of Yen, the chart structure may be changed. Taking into account the current growth, we may assume that the price has already completed the diagonal triangle in the wave [v]. Consequently, in the nearest future, the market may start moving upwards in the wave (i).
More detailed structure is shown on the H1 chart. It looks like the price is completing the fourth wave in the wave (i). Later, the pair may resume its growth and break the maximum of the wave iii.
AUD USD, “Australian Dollar vs US Dollar”
After finishing the impulse in the wave [c] of 4, Australian Dollar continues falling. Probably, the price is forming the extension in the wave (iii), which may yet continue for a while. As a result, we may see a new low.
At the H1 chart, we can see that the price has completed the fourth wave in the extended wave iii. In the nearest future, the market may continue falling in the wave [5] of iii, but later it is expected to start a larger correction, the wave iv.
RoboForex Analytical Department
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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.