Wave Analysis 04.05.2017 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
EUR USD, “Euro vs US Dollar”
Possibly, the EUR/USD pair may test the upside border of the diagonal triangle in the wave [a] again. If the price rebounds from it, the market may start the descending wave [b].
As we can see at the H1 chart, the pair finished the double three in the wave iv. In the nearest future, the market may start a short-term growth in the wave v of (v). Later, the price may start forming the descending impulse in the wave (a) of [b].
GBP USD, “Great Britain Pound vs US Dollar”
It looks like the GBP/USD pair finished the extension in the wave [iii], which means that it may start a new local correction. Later, after completing the wave [iv], the market may resume moving upwards while forming the wave [v] of C.
At the H1 chart, the pair probably formed the zigzag in the wave (a) or (w). Consequently, in the future the local correction may take place, but later the market is expected to form another zigzag in the wave (c) or (y).
USD JPY, “US Dollar vs Japanese Yen”
After completing the double zigzag in the wave 2, the USD/JPY pair resumed growing and started forming the wave (i). During the next several days, the market may continue its growth accompanied by local corrections.
More detailed structure is shown on the H1 chart. The pair is about to finish the ascending impulse in the wave (5) of [3] of iii. Later, the market may reach a new local high, but later it is expected to start the correctional wave [4].
AUD USD, “Australian Dollar vs US Dollar”
The AUD/USD pair finished the wave [ii] in the form of the flat with the ascending impulse (c) of [ii] inside it. In the nearest future, the market may complete the bearish impulse in the wave (i) of [iii] and start a new local correction.
This week, the pair completed the ascending wave (c) of [ii] and then the descending impulse in the wave i. Possibly, the wave iii was finished as well, which means that the market may start the correctional wave iv.
RoboForex Analytical Department
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.