Article By RoboForex.com
Analysis for May 5th, 2015
EUR USD, “Euro vs US Dollar”
Euro is still being corrected inside wave (2) of [C]. Probably, right now the price is finishing wave C of (2) of [C]. In the nearest future, the market is expected to reach a new local high and complete this expanded flat.
Probably, Euro is about to complete wave [iv] of C of (2) in the form of double zigzag. In the nearest future, the market is expected to grow inside wave [v] of C of (2) and reach a new local high.
GBP USD, “Great Britain Pound vs US Dollar”
Pound is finishing impulse 1 of (3) of [3] of a new descending movement, which may be followed by a correction inside wave 2 of (3) of [3], maybe in the form of an ascending zigzag.
The pair is completing wave [iv] of 1 of (3) and, most likely, is going to reach a new local low today. In the future, the market is expected to form an ascending zigzag inside wave 2 of (3) of [3].
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USD JPY, “US Dollar vs Japanese Yen”
The situation hasn’t changed much. After finishing wave 1 of (5) of [5], the pair is expected to form wave 2 of (5) of [5].
Probably, Yen has only finished the first “leg” of zigzag [a] of 2 of (5) and the correction [b] of 2 of (5) inside wave 2 of (5) of [5]. We can expect a local decline and then the price may finish wave 2 of (5) of [5]. At the same time, an alternative scenario (colored in gray) suggests that the market have already finished the correction inside wave 2 of (5) of [5] and may break the confirming level (crimson line on the chart) in order to continue moving upwards.
USD CAD, “US Dollar vs Canadian Dollar”
Just as we expected, after finishing wave (i) of [v] of 3, the pair has made a short-term descending movement inside wave (ii) of [v] of 3. After finishing this correction, the pair is expected to grow towards 1.3000.
Probably, the price has only completed wave a of (ii) of [v] of a descending zigzag. In the nearest future, the market is expected to complete this correctional structure and start growing inside wave (iii) of [v] of 3.
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.
