Forecast for May 4th, 2016
EUR USD, “Euro vs US Dollar”
Probably, Eurodollar has completed the bullish impulse in the wave (a)
and started a new correction, which may continue for the next several days. One shouldn’t wait for a new growth in the wave (c) of [y]
until the price confirms that it finished the wave (b)
More detailed structure is shown on the H1 chart. After finishing the wave v of (a)
, the price has formed the descending impulse in the wave a
, and then the correction inside the wave b
. Consequently, on Wednesday the market may fall in the wave c of (b)
GBP USD, “Great Britain Pound vs US Dollar”
In case of Pound, the chart structure differs from Euro. Probably, the price 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 i
and the local correction, Pound is falling inside the third wave. It’s highly likely that during the day the market may continue falling.
USD JPY, “US Dollar vs Japanese Yen”
Yen is still forming the diagonal triangle
in the wave [v] of C
. Probably, yesterday 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 after finishing the impulse in the wave (iii)
, the price has formed the ascending wave a
. It’s highly likely that after finishing the local correction the market may resume growing in the wave c of (iv)
AUD USD, “Australian Dollar vs US Dollar”
In case of Australian Dollar, the chart structure is becoming more bearish. It’s highly likely that right now the price 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.
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
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