Forecast for May 10th, 2016
Eurodollar may yet continue forming the descending extension in the wave (iii). It looks like earlier the price completed the wave Y in the form of the zigzag. Later, the market may continue moving downwards.
EUR USD, “Euro vs US Dollar”
More detailed structure is shown on the H1 chart. Probably, the price has formed the descending impulse in the first wave of the wave (iii). Consequently, quite soon the pair may start moving downwards in the wave iii of (iii).
GBP USD, “Great Britain Pound vs US Dollar”In case of Pound, the situation is similar. It looks like the price has already started forming the descending wave (iii). After finishing the local correction, the market may start another decline and break the minimum.
As we can see at the H1 chart, the price has formed the descending wedge in the wave i and the flat in the wave ii. It’s highly likely that during the day Pound may start falling in the wave iii.
USD JPY, “US Dollar vs Japanese Yen”Yen is still forming the diagonal triangle. It looks like the price is about to finish the wave (iv) and, as a result, may soon start falling in the wave (v) of [v].
More detailed structure is shown on the H1 chart. Probably, the wave (iv) is taking the form of the zigzag. Right now, the pair is forming the ascending impulse c of the above-mentioned pattern, which may be finished during the day.
AUD USD, “Australian Dollar vs US Dollar”After finishing the impulse in the wave [c] of 4, Australian Dollar continues falling. Probably, the price is forming the extension in the wave (iii), which may yet continue for a while. As a result, we may see several new lows.
At the H1 chart, we can see that the price is about to complete the wave  in the extension of the wave iii. On Tuesday, the market may yet continue falling in the wave  of iii, but soon it is expected to start a local correction.
RoboForex Analytical Department
Without authorization, you can view no more than two reviews per day and no more than 10 per month. To continue reading analytical reviews, register or login to your Members Area.