Article By RoboForex.com
Forecast for April 29th, 2016
EUR USD, “Euro vs US Dollar”
Probably, the wave ii is taking the form of a longer pattern than we expected earlier. However, taking into account that the chart structure is quite complicated, in order to confirm the scenario with the decline in the wave iii, the pair must form the first wave inside it.
At the H1 chart, we can see how complicated the current correction is. It looks like the wave ii is taking the form of the double three with zigzag [Y] inside it. Consequently, Eurodollar may complete the impulse in the wave (C) very soon and then resume falling.
GBP USD, “Great Britain Pound vs US Dollar”
The formation of the wave 4 is taking too much time. It looks like in the nearest future the market may complete the wave (c) of [y]. If later the price starts forming a new descending impulse, the pair will start moving downwards in the wave 5.
More detailed structure is shown on the H1 chart. It’s highly likely that earlier the pair finished the extensionin the wave iii. During the day, Pound may complete the local correction and start the local growth in the wave v of (c).
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USD JPY, “US Dollar vs Japanese Yen”
Yen is still forming the diagonal triangle in the wave [v] of C. Yesterday, the pair broke the minimum of the wave (i). In the nearest future, the market may complete the wave (iii) and start a new ascending correction.
More detailed structure is shown on the H1 chart. Probably, the first wave in the wave (iii) is extended. On Friday, Yen may be corrected, but later is expected to resume falling in the wave v of (iii).
AUD USD, “Australian Dollar vs US Dollar”
The current chart structure implies that Australian Dollar has finished the ascending impulse, which may be the wave [c] inside the flat 4. On the minor wave level, the pair is probably forming the descending impulse in the wave (i). In the nearest future, the market may continue falling.
As we can see at the H1 chart, the pair is about to complete the fourth wave in the wave (i). It’s highly likely that in the nearest future, the market may start falling in the wave v of (i) and break yesterday’s low.
RoboForex Analytical Department
Article By RoboForex.com
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
