Wave Analysis 12.05.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
12.05.2016
Forecast for May 12th, 2016
EUR USD, “Euro vs US Dollar”
In case of Eurodollar, the main scenario remains the same and implies that the price has completed the wave Y in the form of the zigzag and may continue falling. On the minor wave level, the pair has finished the wave (ii) and is expected to move downwards in the wave (iii).
More detailed structure is shown on the H1 chart. It looks like the wave (ii) has taken the form of the zigzag. Consequently, during the day the market may form the descending impulse in the wave (iii).
GBP USD, “Great Britain Pound vs US Dollar”
In case of Pound, the situation is similar. After finishing the wave 4, the price has already completed the bearish impulse in the wave (i), which means that it may continue falling. It looks like in the nearest future, the market may continue moving downwards in the wave (iii).
As we can see at the H1 chart, the price formed the descending wedge in the wave (i) and the zigzag in the wave (ii). As a result, in the nearest future the market may resume its decline in the wave (iii) and reach a new low.
USD JPY, “US Dollar vs Japanese Yen”
The main scenario remains the same and implies that Yen is still forming the diagonal triangle. It’s highly likely that the price is about to start the wave (v) of this pattern. As a result, the market may soon resume falling.
More detailed structure is shown on the H1 chart. Probably, after completing the bullish impulse in the wave c of (iv), the price formed the bearish impulse in the wave i. After finishing the local correction, the market may start another descending movement.
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 yesterday the price 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
Attention!
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.