Wave Analysis 08.05.2017 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)

EUR USD, “Euro vs US Dollar”

It looks like the EUR/UD pair is forming the double zigzag, which may be the wave [a] of [w]. On a shorter timeframe, the price may continue forming the impulse c of the bullish zigzag (y).

The wave b has been formed in the form of the triangle, so there's the ascending impulse in the wave [1]. Right now, the market is being corrected in the wave [2], which may later be followed by a new growth in the wave [3] of c.

GBP USD, “Great Britain Pound vs US Dollar”

The main scenario implies that the GBP/USD pair has been moving up in the extension in the wave [iii]. Consequently, we're going to have a new high in the short term. However, we could have a correction in the wave [v] of C afterwards.

At the H1 chart, the pair is forming the diagonal triangle in the wave (v). Consequently, the wave iii of (v) is likely going to be continued during the day.

USD JPY, “US Dollar vs Japanese Yen”

In case of the USD/JPY pair, the chart structure remains the same. It looks like the price may yet continue forming the wave (i). However, the market may start a new descending correction in the wave (ii) quite soon.

More detailed structure is shown on the H1 chart. The pair finished the extension in the wave [3] and probably the correctional wave [4] as well. As a result, later the market may resume moving upwards in the wave [5] of iii.

AUD USD, “Australian Dollar vs US Dollar”

The AUD/USD pair finished the wave [ii] in the form of the flat and probably the bearish impulse in the wave (i) of [iii] as well. After finishing the wave (ii), the market may resume falling in the third wave.

As we can see at the H1 chart, yesterday, after finishing the impulse in the wave (c) of [ii], the pair completed the wave v of (i). During the next several hours, the market may form the ascending wave (ii).

RoboForex Analytical Department