Wave Analysis 08.05.2015 (EUR/USD, GBP/USD, USD/JPY, USD/CAD)
08.05.2015
Analysis for May 8th, 2015
EUR USD, “Euro vs US Dollar”
Probably, Euro has finished expanded flat inside wave (2) of [C] and formed the first descending impulse inside wave (3) of [C]. In the future, the market is expected to continue falling.
Right now, the pair is finishing wave [i] of 1 of (3), which may be followed by a short-term ascending zigzag inside wave [ii] of 1 of (3).
GBP USD, “Great Britain Pound vs US Dollar”
The fast ascending movement made by the price yesterday has made me turn to the previous scenario, according to which the pair is forming expanded flat inside wave (2) of [3]. So, wave [iv] of C of (2) hasn’t broken the top of wave [i] of C of (2), which means that this scenario might be correct. In the nearest future, the market is expected to reach a new local high and complete the above-mentioned pattern.
Most likely, the pair has extended wave (iii) of [v] of C. In the nearest future, the market may complete this pattern and reach a new local high.
USD JPY, “US Dollar vs Japanese Yen”
Yen is about to finish wave [i] of 3 of (5), which may be followed by a short-term descending zigzag inside wave [ii] of 3 of (5). The main scenario remains the same: most likely, in the nearest future the market will continue growing to pass 122.00.
In the nearest future, the market is expected to start a descending zigzag inside wave [iii] of 3 of (5) towards 119.50 – 119.70.
USD CAD, “US Dollar vs Canadian Dollar”
The scenario with ending diagonal triangle hasn’t been confirmed and right now wave [iv] of 3 is looking like double zigzag. The pair is forming wave (i) of [v] of 3, which may be followed by a short-term correction inside wave (ii) of [v] of 3.
Most likely, the price may finish wave (i) of [v] of 3 in the nearest future. At the same time, if the price continues falling deeper, we should turn to an alternative scenario (colored in gray), which implies that the pair has already finished wave (i) of [v] of 3.
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.