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Home / Analytics / Forex analysis & forecasts / Forex Wave analysis and forecast / Wave Analysis 23.05.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
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Wave Analysis 23.05.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)

23.05.2016

Forecast for May 23rd, 2016

EUR USD, “Euro vs US Dollar”

Eurodollar continues forming the extended wave (iii). Earlier, after finishing the wave Y, the price firmed the descending impulse in the wave (i) and the correction in the second wave. It’s highly likely that in the nearest future the market may resume moving downwards.



More detailed structure is shown on the H1 chart. It looks like Eurodollar is finishing the fourth wave in the wave (iii). Consequently, on Monday the price may complete the local correction and start falling in the wave v of (iii).




GBP USD, “Great Britain Pound vs US Dollar”

In case of Pound, the chart structure is different. Probably, after finishing the descending impulse in the wave (i), the price started forming the correctional wave (ii), which may yet continue for a while. Later, after finishing the current correction, the market may resume falling in the wave (iii).



As we can see at the H1 chart, the wave (i) took the form of the wedge, and then the price formed the bullish impulse in the wave a. In the nearest future, the local correction may continue, which may be followed by a short-term growth in the wave c of (ii).




USD JPY, “US Dollar vs Japanese Yen”

Probably, Yen has completed the wave (i), which may be followed by a new descending correction. Earlier, the pair formed diagonal triangle in the wave [v]. As a result, in the nearest future the market may continue falling in the wave (ii).



As we can see at the H1 chart, the price has formed the diagonal triangle v of (i) and the ascending impulse. It looks like right now the pair is about to finish the wave a. Consequently, in the nearest future the market may start a new local ascending correction.




AUD USD, “Australian Dollar vs US Dollar”

Australian Dollar is about to complete the fourth wave in the descending wave [i]. It’s highly likely that on Monday the local correction may complete and the market may resume falling in the wave (v) of [i].



More detailed structure is shown on the H1 chart. It looks like Australian Dollar is finishing the wave c of the zigzag (iv). As a result, in the nearest future the market may start forming the bearish wave (v) of [i].



 
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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.