Wave Analysis 26.04.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
26.04.2016
Forecast for April 26th, 2016
EUR USD, “Euro vs US Dollar”
Probably, after finishing the correction in the wave ii, Eurodollar started forming the descending impulse in the wave iii. In the nearest future, the market may continue moving downwards and break its local low.
More detailed structure is shown on the H1 chart. It looks like the wave ii took the form of the double zigzag and was followed by the bearish impulse in the wave [1]. The wave [2] may yet continue for a while, but the pair is expected to resume falling in the wave [3] even today.
GBP USD, “Great Britain Pound vs US Dollar”
Pound may yet continue forming the wave (c) of [y]. Probably, the price is about to complete the fourth wave inside the long bearish impulse. Consequently, in the nearest future the market may resume its decline.
More detailed structure is shown on the H1 chart. Probably, after finishing the horizontal triangle in the wave iv, Pound started forming the diagonal triangle in the wave v of (c). Later, after rebounding from the upside border of the pattern, the market may will resume its descending movement and form the bearish impulse.
USD JPY, “US Dollar vs Japanese Yen”
In case of Yen, the mains scenario is still bullish. It looks like after completing the descending impulse in the wave C, the price is forming the extension in the wave (iii). In the nearest future, after finishing the local correction, the market may resume moving upwards and break its local high.
As we can see at the H1 chart, the pair is about to finish the fourth wave in the wave iii. Consequently, in the nearest future the market may start growing in the wave [5] of iii and reach a new high.
AUD USD, “Australian Dollar vs US Dollar”
It looks like Australian Dollar has finished the ascending impulse, which may be the wave [c] inside the flat4. On the minor wave level, the pair is probably forming the descending impulse in the wave (i). In the nearest future, the market may continue falling.
More detailed structure is shown on the H1 chart. It’s highly likely that both descending impulses formed earlier are the first waves on different levels. Consequently, in the nearest future the market may form the extension in the wave iii.
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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.