Forecast for May 9th, 2016
EUR USD, “Euro vs US Dollar”
Probably, after completing the zigzag
in the wave Y
, Eurodollar is attempting to resume its decline. On the minor wave level, the pair has finished the descending impulse in the wave (i)
and the correction in the second wave. Consequently, later the market may continue moving downwards in the wave (iii)
As we can see at the H1 chart, the wave v of (i)
turned out to be truncated
. It’s highly likely that at the beginning of the week the price may move downwards in the wave (iii)
and even reach a new local low on Monday.
GBP USD, “Great Britain Pound vs US Dollar”
It looks like Pound is about to start falling in the wave (iii)
as well. Earlier, the price completed the zigzag
in the wave [y] of 4
and, as a result, the descending impulse in the wave (i)
. In the nearest future, the market may continue moving downwards.
More detailed structure is shown on the H1 chart. Probably, the price finished the wedge
in the wave i
and then the correction in the second wave. Possibly, on Friday evening, Pound started falling and in the wave (iii)
, which may continue during the next several days.
USD JPY, “US Dollar vs Japanese Yen”
In case of Yen, the chart structure remains the same. It looks like the price is forming the diagonal triangle
in the wave [v] of C
; right now, the pair is forming the pattern’s fourth wave. In the nearest future, the correction may continue, but later market is expected to resume falling in the wave (v)
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
. Consequently, in the nearest future, the market may move upwards in the bullish wave c of (iv)
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 continue at the beginning of the week. As a result, we may see several new lows.
More detailed structure is shown on the H1 chart. It’s highly likely that right now the price is about to complete the wave 
in the extension
of the wave iii
. On Monday, the market may yet continue falling, but soon it is expected to start a local correction.
RoboForex Analytical Department
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