Wave Analysis 23.05.2017 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)

EUR USD

The EUR/USD pair keeps forming a double zigzag within the wave [a] or [w] which is giving the space for a zigzag in the wave (y). Some time later a descending correction can start. This is confirmed when a bearish impulse within the wave (а) occurs.

On the H1-chart a bullish impulse within the wave [5] is being formed. A 5th wave can occur within the above wave. A new local high can be hit, and afterwards a descending movement can start within the wave i of (a).

GBP USD

It seems that the extension within the wave [iii] is coming to an end. In the short run, a new local high can be hit, but afterwards the pair can move downwards within the correction wave [iv] of C.

It is not improbable that a diagonal triangle is forming within the wave (v) of [iii]. The said triangle is forming a zigzag within the wave v. If afterwards the upper edge of this pattern is rebounded from, a descending move within the wave i can occur.

USD JPY

It seems that the wave (ii) has already been completed and this suggests a further rise of the pair. Earlier an ascending impulse within the wave (i) was formed. Consequently, the price can rise further and form a yet another bullish impulse in the direction of the wave (iii).

On the H1-chart, a correction wave [2] is being completed now, and this clears the way for another impulse within the wave [3]. It is confirmed when another ascending impulse is formed.

AUD USD

A descending extension within the wave [iii] is being completed now, and the 2nd wave is being completed in it. In the near-term, after the correction is over, a descending move within the wave (iii) of [iii] can continue. Consequently, in the short run a new low within the wave (i) can occur.

Admittedly, a triangle has been formed within the wave b of (ii). In the course of the day, a bullish impulse within the wave с can be completed while the pair can resume falling in the direction of the wave (iii) of [iii].