Wave Analysis 24.05.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
24.05.2016
Forecast for May 24th, 2016
EUR USD, “Euro vs US Dollar”
Eurodollar continues falling. It looks like the price is forming the extension in the wave (iii). Earlier, the pair formed the bearish impulse in the wave (i) and the correction in the wave (ii). As a result, in the nearest future the market may continue moving downwards.
More detailed structure is shown on the H1 chart. Yesterday, Eurodollar finished the fourth wave in the wave (iii). Consequently, in the nearest future the market may continue falling in the wave v of (iii).
GBP USD, “Great Britain Pound vs US Dollar”
Probably, Pound is still forming the correctional wave (ii). Earlier, after finishing the wave 4, the price formed the bearish impulse in the wave (i). Later, after finishing the wave (ii), the market may resume falling in the third wave.
As we can see at the H1 chart, the wave (i) took the form of the wedge, and then the price formed the ascending impulse in the wave a. Consequently, after finishing the wave b, the market may move upwards a bit 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]. In the nearest future, the market may continue falling in the wave (ii).
More detailed structure is shown on the H1 chart. After finishing the diagonal trianglev of (i), Yen formed the bearish impulse in the wave a. After finishing the local correction, the market may fall a little bit in the wave c of (ii).
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 Tuesday the market may resume falling in the wave (v) of [i].
It looks like Australian Dollar has finished the wave (iv) in the form of the zigzag. Earlier, the price formed the long extension in the wave (iii). As a result, in the nearest future the market may continue falling in wave (v) of [i].
RoboForex Analytical Department
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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.