Wave Analysis 27.05.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
27.05.2016
Forecast for May 27th, 2016
EUR USD, “Euro vs US Dollar”
In case of Eurodollar, the main scenario is still bearish. It looks like the pair is about to finish the fourth wave in the wave [i]. Consequently, in the nearest future the market may continue falling in the wave (v) of [i].
As we can see at the H1 chart, yesterday Eurodollar completed the wave c in the zigzag(iv). Consequently, during the day the price may fall in the wave (v). However, the market may choose an alternative scenario, which implies that the pair may yet continue forming the fourth wave, for example in the form of the horizontal triangle.
GBP USD, “Great Britain Pound vs US Dollar”
It’s highly likely that Pound is about to complete the wave (ii). Earlier, the price formed the descending impulse in the wave (i). Consequently, on Friday the market may start falling in the third wave (iii).
As we can see at the H1 chart, the wave (ii) has taken the form of the zigzag. Yesterday, Pound completed the wave c and started forming the bearish wave i. The market is expected to start a new descending movement while forming this wave.
USD JPY, “US Dollar vs Japanese Yen”
Yen has completed the ascending impulse in 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 towards its local low.
More detailed structure is shown on the H1 chart. It looks like the wave (ii) is taking the form of the zigzag. Earlier, the pair finished the horizontal triangle b inside this wave. (ii). As a result, during the day the market may start falling in the wave c of (ii).
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar is still the descending impulse in the wave [i]. On the minor wave level, the price has completed the fourth wave. It’s highly likely that on Friday the market may resume falling in the wave (v) of [i].
At the H1 chart, Australian Dollar has formed the diagonal triangle in the wave v of (iii). Earlier, the price formed the wave (iv) and may soon resume falling in the 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.