Wave Analysis 22.05.2017 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)

EUR/USD

The double zigzag within the wave [a] or [w] keeps being formed, and this wave is giving the way for an ascending zigzag of the wave (y). That said, in the short-term we can see a descending correciton to start. If a bearish impulse within the wave (а) develops, this will confirm the correction.

As we can see on the H1-chart, an impulse within the wave [5] of c of (y) is being developed. On Monday, the local high can be broken through, and after that the pair can move lower within the wave i of (a).

GBP USD

The extension within the wave [iii] is being completed at the moment. It is not improbable that in the near-term the high is broken, but after that the pair can start moving lower within the correction wave [iv] of C.

A diagonal triangle within the wave (v) of [iii] is being formed, and a zigzag within the wave v is being developed in that triangle. In the near-term, the upper edge of the pattern can be tested. If this one is rebounded from, the price can start a downside movement within the wave i.

USD JPY

The ascending impulse within the wave (i) has been corrected by the wave (ii). Earlier we saw a double zigzag within the wave 2. Correspondingly, the price can resume moving higher and form a yet another bullish impulse in the direction of the wave (iii).

On the H1-chart a bullish impulse within the wave [1] has been formed. Admittedly, the local correction (wave [2]) has also been completed, and this clears the way for the next impulse within the wave [3] to be developed.

AUD USD

The descending extension within the wave [iii] keeps being developed, and the 2nd wave within this wave is being completed at the moment. In the near-term, after the correction is over, the downside movement within the wave (iii) of [iii] can resume. Consequently, in the short-run the low of the wave (i) can be broken through.

A descending diagonal triangle is being developed within the wave с of (ii). If the upper edge of this pattern is rebounded from, the pair can move even lower in the direction of the wave (iii) of [iii].