Forecast for May 6th, 2016
Possibly, the correction has finally completed. Consequently, after finishing the wave [c] of Y, Eurodollar is forming a descending impulse in the wave (i). In the nearest future, the market may continue moving downwards.
EUR USD, “Euro vs US Dollar”
More detailed structure is shown on the H1 chart. Probably, the price is finishing the fourth wave in the wave (i). After completing this wave, the pair may continue falling in the wave v of (i).
GBP USD, “Great Britain Pound vs US Dollar”In case of Pound, the chart structure remains the same. Probably, the price has completed the double zigzag in the wave 4 and right now is falling in the wave (i). It’s highly likely that in the nearest future, the market may continue moving downwards.
As we can see at the H1 chart, after finishing the wedge in the wave i, Pound has started a new correction. It’s highly likely that during the day the pair may continue forming the wave ii, but later the market may resume falling and in the wave iii.
USD JPY, “US Dollar vs Japanese Yen”Probably, Yen is forming the diagonal triangle in the wave [v] of C. Probably, earlier the price completed the wave (iii) and started a correction. In the nearest future, the market may continue forming the wave (iv).
At the H1 chart, we can see that the price is forming the wave b inside the fourth wave. In the nearest future, the market may be corrected, but later Yen is expected to move upwards in the wave c of (iv).
AUD USD, “Australian Dollar vs US Dollar”It’s highly likely that right now Australian Dollar is still forming the descending extension in the wave (iii). If this assumption is correct, then in the nearest future, the market may continue moving downwards and reach a new local low.
More detailed structure is shown on the H1 chart. Probably, the price is about to complete the descending wave iii inside the extension. During the day, the market may continue falling, but soon it is expected to be corrected in the ascending wave iv.
RoboForex Analytical Department
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