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Wave Analysis 11.05.2017 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)

11.05.2017

EUR USD, “Euro vs US Dollar”

Possibly, the EUR/USD pair completed the double zigzag in the wave [a] of [w], which means that the price may resume moving downwards. As a result, during the next several days the market may form the descending impulse in the wave (a).

As we сan see at the H1 chart, the pair completed the diagonal triangle in the wave c of (y) and then the bearish impulse in the wave i. On Thursday, after completing the local correction, the market may resume falling in the wave iii of (a).

 

GBP USD, “Great Britain Pound vs US Dollar”

The GBP/USD pair is about to complete the extension in the wave [iii]. In the nearest future, the market may yet reach a new local high, but then the price is expected to start a new descending correction in the wave [iv] of C.

More detailed structure is shown on the H1 chart. It’s highly likely that the wave (v) of [iii] is taking the form of the diagonal triangle. Right now, the pair is completing the fourth wave of the pattern. Consequently, on Thursday the market may continue growing in the wave v or (v) and test the triangle’s upside border.

 

USD JPY, “US Dollar vs Japanese Yen”

At the H4 chart, the USD/JPY pair is about to complete the bullish impulse in the wave (i). On Thursday, the market may break the local high, but later the price is expected to start a new descending correction in the wave (ii).

As we сan see at the H1 chart, the pair lacks only one ascending impulse to complete the wave iii. Consequently, after finishing the local correction, the market may form another bullish impulse in the wave v of (i).

 

AUD USD, “Australian Dollar vs US Dollar”

The AUD/USD pair finished the wave [ii] in the form of the flat. Right now, the price is forming the descending extension in the wave [iii], which may later be followed by another local correction and a further decline in the wave (iii).

More detailed structure is shown on the H1 chart. During the next several hours, the market may continue forming the wave ii in the form of the zigzag. As a result, after breaking the local high, the price may resume its decline in the wave iii of (iii).

 

RoboForex Analytical Department

 

Attention!

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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