Wave Analysis 29.05.2017 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
EUR USD, “Euro vs US Dollar”
It’s highly likely that the EUR/USD pair completed the double zigzag in the wave [a] of [w]. Consequently, in the nearest future the market may continue moving downwards in the wave (a) and, as a result, break local lows.
More detailed structure is shown on the H1 chart. It looks like the pair is falling in the wave [1] of iii. Earlier, the price completed the descending impulse in the wave i and the correctional wave ii. As a result, after finishing the current correction, the market may fall in the wave [3] of iii.
GBP USD, “Great Britain Pound vs US Dollar”
The GBP/USD pair is falling in the correctional wave [iv] pretty fast. Earlier, the price completed the bullish extension in the wave [iii]. After finishing the current correction, the market may form another bullish impulse in the wave [v] of C.
At the H1 chart, the pair completed the wave (v) of [iii] in the form of the diagonal triangle and, as a result, started falling quickly. On Monday, the price may continue forming the wave iv, but later the price is expected to resume falling and break the low.
USD JPY, “US Dollar vs Japanese Yen”
The USD/JPY pair is still forming the wave (ii) in the form of the zigzag. Earlier, the price completed the ascending impulse in the wave (i). Consequently, in the nearest future the market may resume growing in the wave (iii).
As we can see at the H1 chart, the price is forming the wave y of (ii). In the nearest future, the market may finish the wave [A] of y and start a new local correction in the wave [B].
AUD USD, “Australian Dollar vs US Dollar”
The AUD/USD pair is still forming the descending extension in the wave [iii]. On a shorter timeframe, the price probably completed the wave (ii). In the nearest future, the market may resume falling in the wave (iii) of [iii] and, as a result, break the low of the wave (i).
Possibly, the market completed the third wave in the descending wedgei and right now is forming the fourth one. Consequently, after finishing the local correction, the market may fall in the wave [5] of i.
RoboForex Analytical Department
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.