Wave Analysis 07.05.2015 (EUR/USD, GBP/USD, USD/JPY, USD/CAD)

07.05.2015

Analysis for May 7th, 2015

EUR USD, “Euro vs US Dollar”

Euro is still forming expanded flat inside wave (2) of [C]. Right now, the market is completing wave C of (2) of [C] inside the above-mentioned pattern.



In order to complete wave [v] of C of (2), the price needs to reach new local highs inside waves (iii) of [v] of C and (v) of [v] of C.




GBP USD, “Great Britain Pound vs US Dollar”

Pound is still forming the correction inside wave 2 of (3), which may be followed by a new significant decline.



Probably, correctional wave 2 of (3) is taking the form of double zigzag. In order to complete the pattern, the pair needs to form one more five-wave ascending structure.




USD JPY, “US Dollar vs Japanese Yen”

After finishing wave 1 of (5) of [5], Yen has formed the correction inside wave 2 of (5) of [5], which has turned out to be quite deep. In the nearest future, the market is expected to continue growing.



Probably, wave 2 of (5) of [5] is taking the form of double zigzag, which has rebounded from 61.8% of wave 1 of (5) of [5]. In the nearest future, the market is expected to start moving upwards.




USD CAD, “US Dollar vs Canadian Dollar”

The situation remains quite unclear. One of the possible scenarios implies that the pair is forming ending diagonal triangle inside wave v of (c) of [iv], which may be followed by a fast ascending movement inside wave [v] of 3.



Probably, wave v of (c) of [iv] is taking the form of ending diagonal triangle. Right now, the pair is finishing wave [4] of v of (c), which may be followed by wave [5] of v of (c). In the nearest future, the market is expected to reach a new local low.



 
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.

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