Article By RoboForex.com
Forecast for May 2nd, 2016
EUR USD, “Euro vs US Dollar”
In case of Eurodollar, the chart structure remains quite complicated. Probably, the price is forming the ascending double zigzag; it has already completed the wave [x] of this pattern. On the minor wave level, It looks like in the nearest future, the market may forming the wave (a).
More detailed structure is shown on the H1 chart. The ascending wedge i has a complicated internal structure, but the wave iii, which is being formed right now, looks much simpler. It’s highly likely that in the nearest future, the market may complete the wave (a) and then start a new correction.
GBP USD, “Great Britain Pound vs US Dollar”
Probably, Pound continues forming the wave [y] in the double zigzag 4. Later, the price may complete the wave (c) and then attempt to resume its decline.
As we can see at the H1 chart, Pound has finished the extended wave iii in the wave (c) and started a new correction. On Monday, the pair may complete the wave iv and start moving upwards in the wave v of (c). As a result, the market may reach a new local high.
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USD JPY, “US Dollar vs Japanese Yen”
Yen is still forming the diagonal triangle in the wave [v] of C. It looks like the price is about to complete the wave (iii). Consequently, quite soon the market may start a new correction, which may take as much time as the wave (ii) formed earlier.
More detailed structure is shown on the H1 chart. It’s highly likely that on Monday the price may complete the wave v of (iii). Later, Yen may form a descending impulse in the wave a, thus starting the wave (iv).
AUD USD, “Australian Dollar vs US Dollar”
In case of Australian Dollar, the chart structure remains the same. It looks like the price has finished the ascending impulse, which may be a part of the flat inside the fourth wave. In the nearest future, the market may continue falling while forming the wave (i).
At the H1 chart, the pair has finished the fourth wave in the wave (i). It looks like the market is already falling in the wave v. Consequently, on Monday the price may break the minimum of the wave iii.
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.
