Forecast for May 5th, 2016
EUR USD, “Euro vs US Dollar”
Probably, after completing the ascending impulse in the wave
(a) earlier, Eurodollar is falling in the wave
(b). In the nearest future, the market may continue moving downwards. In order to confirm a new ascending movement in the wave
(c) of [y], the price has to form the first wave inside it.
More detailed structure is shown on the H1 chart. Probably, the wave
(b) is taking the form of the
zigzag. On the minor wave level, on Thursday the price may continue falling in the wave
c.
GBP USD, “Great Britain Pound vs US Dollar”
It looks like Pound has completed the
double zigzag in the wave
4 and right now is falling in the wave
(i). It’s highly likely that in the nearest future, the market may continue moving downwards.
As we can see at the H1 chart, after finishing the wave
(c), Pound has formed the descending impulse in the wave
i. In the nearest future, the market may continue falling and
extending the wave
iii.
USD JPY, “US Dollar vs Japanese Yen”
Yen is still forming the
diagonal triangle in the wave
[v] of C. Probably, earlier the price completed the wave
(iii) and started a correction. In the nearest future, the market may continue forming the wave
(iv).
At the H1 chart, we can see that the wave
(iv) is taking the form of the
zigzag. On the minor wave level, the price has completed the wave
b and right now is starting a new growth in the wave
c of (iv). During the day, the market may break the maximum of the wave
a.
AUD USD, “Australian Dollar vs US Dollar”
It’s highly likely that right now Australian Dollar is forming the descending
extension in the wave
(iii). If this assumption is correct, then in the nearest future, the market may continue moving downwards and reach a new local low.
More detailed structure is shown on the H1 chart. Probably, the price is about to complete the descending wave
iii inside the
extension. Consequently, in the nearest future, the market may be corrected in the ascending wave
iv.
RoboForex Analytical Department