Wave Analysis 31.05.2017 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
EUR USD, “Euro vs US Dollar”
It’s highly likely that the EUR/USD pair completed the double zigzag in the wave [a] of [w]. Consequently, in the nearest future the market may continue moving downwards in the wave (a) and, as a result, break local lows.
At the H1 chart, after completing waves i and [1], the pair started forming the wave [2]. As a result, after finishing the current correction, the market may fall in the wave [3] of iii.
GBP USD, “Great Britain Pound vs US Dollar”
The GBP/USD pair is still forming the correctional wave [iv]. Earlier, the price completed the bullish extension in the wave [iii]. After finishing the current correction, the market may form another bullish impulse in the wave [v] of C.
Probably, the pair completed the fifth wave and the entire descending impulse (a). During the next several days, the price may be corrected to the upside in the wave (b) of [iv].
USD JPY, “US Dollar vs Japanese Yen”
The USD/JPY pair is still forming the wave (ii) in the form of the double zigzag. Earlier, the price completed the ascending impulse in the wave (i). Consequently, in the nearest future the market may resume growing in the wave (iii).
As we can see at the H1 chart, the price finished the wave [A] of y and started a new local correction in the wave [B]. Later, the market may form another descending impulse in the wave [C] of y of (ii).
AUD USD, “Australian Dollar vs US Dollar”
The AUD/USD pair is still forming the descending extension in the wave [iii]. On a shorter timeframe, the price probably completed the wave (ii). In the nearest future, the market may resume falling in the wave (iii) of [iii] and, as a result, break the low of the wave (i).
More detailed structure is shown on the H1 chart. The market completed the descending wedge in the wave i. In the nearest future, the market may start a new local correction in the wave ii, most likely in the form of the zigzag, which may later be followed by another decline iii of (iii).
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.