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Wave Analysis 24.04.2015 (EUR/USD, GBP/USD, USD/JPY, USD/CAD)

Analysis for April 24th, 2015

EUR USD, “Euro vs US Dollar”

The price is moving sideways, thus forcing us change the possible scenario. Probably, Euro is about to complete zigzag (e) of [iv] of 3 inside horizontal triangle [iv] of 3. An alternative scenario (colored in gray) implies that the market may be completing wave (c) of [iv] of 3 of a larger triangle pattern.

Probably, the pair is about to complete double zigzag (e) of [iv] of 3 and in the nearest future may start forming a large impulse inside wave [v] of 3. At the same time, one shouldn’t forget of about one of the alternative scenarios, which implies that the market is forming wave (c) of [iv] of 3 of horizontal triangle [iv] of 3.

GBP USD, “Great Britain Pound vs US Dollar”

Flat inside wave 2 of (3) is not completed yet. Most likely, in the nearest future the market will reach a new local high.

To complete wave 2 of (3), the price must form one more ascending wave v of (v) of [c].  In the nearest future, the pair is expected to reach a new local high.

USD JPY, “US Dollar vs Japanese Yen”

The pair has completed impulse (i) of [iii] of 3 and the correction (ii) of [iii] of 3 inside wave [iii]. Right now, the price is very close to the critical level at 119.33, that’s why wave (ii) of [iii] of 3 may take the form of flat.

(i) – (ii)
pattern inside wave [iii] of 3 is not stable and Yen may break its critical level at 119.33 in the nearest future, thus completing flat inside wave (ii) of [iii] of 3.

USD CAD, “US Dollar vs Canadian Dollar”

After finishing leading diagonal triangle (1) of [5] of iii, the pair has started forming a large correction inside wave (2) of [5] of iii. At the same time, an alternative scenario (colored in gray) implies that the market is forming zigzag inside wave [4] of iii and needs one more five-wave descending structure, 5 of (C) of [4] to complete it.

To finish wave (2) of [5] of iii, the price must reach a new local low. The main scenario remains in effect until the price breaks the critical level.

RoboForex Analytical Department

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