Wave Analysis 25.05.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
25.05.2016
Forecast for May 25th, 2016
EUR USD, “Euro vs US Dollar”
Eurodollar is about to finish the bearish extension in the wave (iii). Earlier, the pair formed the descending impulse in the wave (i) and the correction in the second wave. As a result, in the nearest future the market may start a new local correction in the wave (iv).
More detailed structure is shown on the H1 chart. It looks like Eurodollar is completing the fifth wave in the wave (iii). On Wednesday, the market may break the local low, but later it is expected to start a new correction.
GBP USD, “Great Britain Pound vs US Dollar”
Pound continues forming the correctional wave (ii), which may be completed quite soon. Later, the market is expected to form the first wave in the wave (iii), thus starting a new decline.
More detailed structure is shown on the H1 chart. It looks like Pound is finishing the impulse c in the zigzag(ii). It’s highly likely that the pair may complete the wave (ii) on Wednesday.
USD JPY, “US Dollar vs Japanese Yen”
Probably, Yen completed the wave (i) and started 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).
As we can see at the H1 chart, the pair is finishing the wave b in the wave (ii). Consequently, during the day the market may start falling in the wave c and break the minimum of the wave a.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar is about to complete the fifth wave in the descending impulse [i]. It’s highly likely that on Wednesday the market may resume falling in the wave (v) of [i].
As we can see at the H1 chart, Australian Dollar is forming the diagonal triangle in the wave (v). On the minor wave level, the price is about to finish the wave ii and may soon start falling inside the third wave of the pattern. As a result, on Wednesday the market may break the previous low.
RoboForex Analytical Department
Attention!
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.