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Home / Analytics / Forex analysis & forecasts / Forex Wave analysis and forecast / Wave Analysis 05.05.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
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Wave Analysis 05.05.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)

05.05.2016

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.



 
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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.