Forecast for May, 2014
EUR USD, “Euro vs US Dollar”
Probably, Euro is still forming a large ascending zigzag [A]-[B]-[C] of V of (a) and is about to finish its correction [B] of V in the form of horizontal running triangle.
One of the possible scenarios at weekly chart implies that Euro is completing ascending zigzag (D) of [B] of triangle [B]. If this assumption is correct, then later price is expected to start final descending zigzag (E) of [B].
One of the possible scenarios at daily chart implies that price is finishing diagonal triangle [v] of C of (D) of the second “leg” C of [D] of ascending zigzag (D) of [B]. Right now, pair is completing horizontal correction (iv) of [v] of C of (D). Considering that wave (iii) of [v] was shorter than wave (i) of [v], price is expected to complete diagonal triangle [v] of C and make reverse downwards not higher than level of 1.43.
GBP USD, “Great Britain Pound vs US Dollar”
Probably, descending “leg” [A] of b of large zigzag b was completed, and at the moment pair is forming large ascending correction [B] of b, which may take the form of zigzag. Right now, price is completing descending correction (B) of [B] in the form of skewed triangle.
Probably, ascending correction [B] is taking the form of zigzag with skewed triangle (B) of [B] being completed inside it. If this assumption is correct, then right now pair is finishing ascending zigzag D of (B), which may be followed by final descending zigzag E of (B).
Probably, pair is finishing final wedge [c] of D of ascending zigzag D of (B). which may be followed by final descending zigzag E of (B). Considering that wave (iii) of [c] was shorter than wave (i) of [c], price is expected to complete wedge [c] of D and make reverse downwards not higher than level of 1.7050.
USD CHF, “US Dollar vs Swiss Franc”
Probably, Swiss Franc is finishing global descending trend in the form of triangle (a). Right now, pair is completing its zigzag [A]-[B]-[C] of V of (a) with diagonal triangle [C] of V of (a) as its second “leg”. It may be confirmed by the fact that internal wave structure of this diagonal triangle looks completely formed.
Probably, right now price is completing ascending correction (4) of [C] in the form of skewed triangle, which may be followed by final descending movement inside zigzag (5) of [C].
Possibly, pair is finishing diagonal triangle (v) of [c] of D of the second “leg” [c] of D of (4) of descending zigzag D of (4). If this assumption is confirmed, then later pair is expected to form final ascending zigzag E of (4).
USD JPY, “US Dollar vs Japanese Yen”
One of the possible scenarios implies that pair is forming final descending diagonal triangle V of (a). Right now, price is forming its ascending correction [4] of V of (a), may be in the form of zigzag.
Probably, ascending correction [4] may take the form of zigzag; price is completing its first “leg” (A) of [4] in the form of impulse.
Possibly, descending correction 4 of (A) of ascending impulse (A) was completed in form of skewed triangle. If this assumption is correct, then later pair is expected to make final ascending movement inside wave 5 of (A).
RoboForex Analytical Department
Article By RoboForex.com
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
