Wave Analysis 12.05.2017 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
EUR USD, “Euro vs US Dollar”
The EUR/USD pair completed the double zigzag in the wave [a] of [w], which means that the price may resume moving downwards. As a result, during the next several days the market may form the descending impulse in the wave (a).
As we сan see at the H1 chart, the pair completed several first waves on different levels. Consequently, later the market may form the extension in the wave iii of (a). In the nearest future, the price may fall in the wave [3] of iii.
GBP USD, “Great Britain Pound vs US Dollar”
Probably, the GBP/USD pair completed the extension in the wave [iii]. In the future, the market may start a new descending correction in the wave [iv], but later the price is expected to resume growing in the wave [v] of C.
More detailed structure is shown on the H1 chart. It looks like after completing the wave (v) of [iii] in the form of the diagonal triangle, the pair formed the descending impulse in the wave (a). It’s highly likely that the price may finish the wave (b) and then continue falling in the wave (c) of [iv].
USD JPY, “US Dollar vs Japanese Yen”
The USD/JPY pair is about to complete the bullish impulse in the wave (i). In the future, the market may break the local high, but later the price is expected to start a new descending correction in the wave (ii).
At the H1 chart, the pair is testing the Moving Average. If the price rebounds from it, the wave iv will be completed. Earlier, the market formed the extension in the third wave. Consequently, in the future the market may form another bullish impulse in the wave v of (i).
AUD USD, “Australian Dollar vs US Dollar”
The AUD/USD pair finished the wave [ii] in the form of the flat. Right now, the price is forming the descending extension in the wave [iii]. After finishing the local correction, the market may continue falling in the wave (iii) of [iii].
Possibly, the market completed the wave ii in the form of the ascending zigzag. As a result, in the nearest future the market may start a new decline in the wave iii of (iii).
RoboForex Analytical Department
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.