Wave Analysis 21.05.2015 (EUR/USD, GBP/USD, USD/JPY, USD/CAD)
21.05.2015
Analysis for May 21st, 2015
EUR USD, “Euro vs US Dollar”
Euro continues forming a large descending impulse inside wave (3) of [C]. Probably, right now, the pair is finishing wave [i] of 1 of (3).
Most likely, today the price may complete wave [i] of 1 of (3) with wave (iv) of [i] of 1 in the form of horizontal triangle inside it. The market is expected to reach a new local low and form a short-term ascending zigzag inside wave [ii] of 1 of (3).
GBP USD, “Great Britain Pound vs US Dollar”
Pound is forming a large descending impulse inside wave (3) of [3]. Probably, by now the pair has already completed wave [i] of 1 of (3) of this impulse.
Taking into account that the correction inside wave [ii] of 1 of (3) is quite deep and taking a lot of time, we may assume that the price has already finished first impulse inside wave [i] of 1 of (3) and in the nearest future may continue falling.
USD JPY, “US Dollar vs Japanese Yen”
Yen continues forming a large ascending impulse inside wave (5) of [5]. Right now, the pair is about to complete wave 1 of (5) of [5].
Probably, in the nearest future the pair may reach a new local high and finish wave 1 of (5) of [5].
USD CAD, “US Dollar vs Canadian Dollar”
The price continues forming a large ascending impulse inside wave [v] of 3. Right now, the pair is finishing wave (i) of [v] of 3.
The pair has almost finished an ascending impulse inside wave (i) of [v] of 3. In the nearest future, the market is expected to reach a new local high, complete this five-wave pattern, and then form a short-term zigzag inside wave (ii) of [v] of 3.
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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.