Analysis for April 29th, 2015
The current correction is taking too much time and becoming deeper, that’s why the structure of the H4 chart has been changed a bit. Probably, the price is forming wave [iii] of C of (2) inside expanded flat (2) of [C]. Please note, that the correction inside wave B of (2) of [C] is exactly 90% of wave A of (2) of [C], which is the minimum requirement for any flat pattern.
EUR USD, “Euro vs US Dollar”
The pair is extending a large impulse [iii] of C of (2). Most likely, in the nearest future, the market will reach new local highs.
GBP USD, “Great Britain Pound vs US Dollar”The pair continues forming flat inside wave (2) of . In the nearest future, the market is expected to reach 1.5400 – 1.5455, which is the target of expanded flat.
Probably, the pair is about to finish wave iii of C of (2), which may be followed by a short-term sideways movement inside wave [iv] of C of (2). In the nearest future, the price is expected to reach new local highs.
USD JPY, “US Dollar vs Japanese Yen”Yen continues moving sideways, thus providing us with several possible scenarios. I stick to the one, which implies that the price is forming running flat (4) of , which may be followed by another ascending movement inside wave (5) of . Nevertheless, the situation remains very unclear.
Most likely, Yen has finished wave [i] of 3 of (5) in the form of leading diagonal triangle with the truncation inside its fifth wave. In the nearest future, the market is expected to start growing inside wave [iii] of 3 of (5). This scenario will be cancelled if the pair breaks the critical level at 118.52.
USD CAD, “US Dollar vs Canadian Dollar”The pair is still forming a large descending zigzag inside wave [iv] of 3, which may be followed by a new ascending movement inside wave [v] of 3.
Probably, the price is extending wave  of v of (c): in order to complete it, the market must make another descending movement. The pair is expected to reach a new local low and complete zigzag inside wave [iv] of 3.
RoboForex Analytical Department
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