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Home / Analytics / Forex analysis & forecasts / Forex Wave analysis and forecast / Wave Analysis 31.05.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
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Wave Analysis 31.05.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)

31.05.2016

Forecast for May 31st, 2016

EUR USD, “Euro vs US Dollar”

Eurodollar is still forming the descending impulse in the wave [i]. On the minor wave level, the price completed the fourth wave at the end of the last week and then broke the minimum while forming the wave (v) of [i].  It’s highly likely that in the nearest future the market may continue moving downwards.



As we can see at the H1 chart, right now the pair is falling in the third wave of the diagonal triangle (v). Consequently, in the nearest future the market may break the minimum of the wave i of (v).




GBP USD, “Great Britain Pound vs US Dollar”

In case of Pound, the chart structure remains the same. It looks like the price has completed the wave (ii) and may start falling in the third wave. Consequently, during the week the market may break the minimum of the wave (i).



More detailed structure is shown on the H1 chart. After finishing the zigzag in the wave (ii), Pound formed the descending impulse in the wave i and the correction in the wave ii. Later, the market may start falling in the wave iii.




USD JPY, “US Dollar vs Japanese Yen”

Yen continues forming the fifth wave of the ascending impulse (i). Earlier, the price finished the diagonal triangle in the wave [v]. It’s highly likely that during the day the pair may continue moving upwards.



As we can see at the H1 chart, the wave iv took the form of the horizontal triangle and was followed by a fast bullish impulse, which may be considered as the first wave of the wave v. Taking into account that the local correction has already completed, the pair may continue growing in the wave [3] of v.




AUD USD, “Australian Dollar vs US Dollar”

Australian Dollar is about to finish the descending wave [i]. Last week, the price completed the fourth wave in the wave [i]. On Wednesday, the market may finish the wave (v) of [i] and then start a new ascending correction.



As we can see at the H1 chart, the price is finishing the wave y of the double three (iv). Earlier, Australian Dollar formed the diagonal triangle in the wave v of (iii). Consequently, in the nearest future the market may start falling in the 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.