Wave Analysis 17.05.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
17.05.2016
Forecast for May 17th, 2016
EUR USD, “Euro vs US Dollar”
Probably, Eurodollar is about to resume falling in the wave (iii). Earlier, the price completed the wave Y in the form of the zigzag and the bearish impulse in the wave i. It’s highly likely that the pair may reach a new local low during the day.
More detailed structure is shown on the H1 chart. After finishing the wave (ii) in the form of the zigzag, Eurodollar formed the descending impulse in the wave I and the correction in the wave ii. In the nearest future, the market may start moving downwards in the wave iii of (iii).
GBP USD, “Great Britain Pound vs US Dollar”
Probably, Pound has completed the wave (ii). Earlier, after finishing the zigzag in the wave [y] of 4, the price formed the descending impulse in the wave (i). Consequently, in the nearest future the market may start falling in the wave (iii).
More detailed structure is shown on the H1 chart. It’s highly likely that the price completed the fast zigzag in the wave ii. As a result, the market may resume its decline in the wave iii of (iii) quite soon.
USD JPY, “US Dollar vs Japanese Yen”
Probably, Yen has completed the diagonal triangle in the wave [v]. On the minor wave level, the price has finished the wave (v). Consequently, in the nearest future the market may start moving upwards in the wave (i).
At the H1 chart, after completing the wave iv, Yen may continue moving upwards in the wave v of (i). Earlier, the price formed the extension in the wave iii. It’s highly likely that during the day the pair may reach several new highs.
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 soon.
More detailed structure is shown on the H1 chart. It looks like after completing the extension in the wave iii, Australian Dollar formed the fourth wave. In the nearest future, the market may resume its decline in the wave v of (iii).
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.