Forecast for May 11th, 2016
Probably, Eurodollar has completed the descending impulse in the wave (i). Earlier, the price completed the wave Y in the form of the zigzag. In the nearest future, the market may be corrected, but later it may start moving downwards in the wave (iii).
EUR USD, “Euro vs US Dollar”
More detailed structure is shown on the H1 chart. It looks like right now the price is forming the ascending zigzag in the wave (ii). On the minor wave level, the pair has finished the wave b. During the day, the market may continue moving downwards in the wave c of (ii).
GBP USD, “Great Britain Pound vs US Dollar”In case of Pound, the situation is similar. It’s highly likely that the price has already completed the descending wave (i) and may start a new correction quite soon. Later, after finishing the wave (ii), the market may start another decline.
As we can see at the H1 chart, the price formed the descending wedge in the wave (i). After that, Pound completed the ascending impulse in the wave a and the correction in the wave b. On Wednesday, the market may grow in the wave c of (ii).
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].
At the H1 chart, we can see that the price has completed the ascending impulse in the wave c of (iv). It’s highly likely that during the day the pair may continue forming the descending impulse in the wave i.
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 fourth wave in the wave iii. On Wednesday, the market may reach a new local high, but later it is expected to start forming the bearish impulse in the wave  of iii.
RoboForex Analytical Department
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