Article By RoboForex.com
Analysis for April 29th, 2015
EUR USD, “Euro vs US Dollar”
The current correction is taking too much time and becoming deeper, that’s why the structure of the H4 chart has been changed a bit. Probably, the price is forming wave [iii] of C of (2) inside expanded flat (2) of [C]. Please note, that the correction inside wave B of (2) of [C] is exactly 90% of wave A of (2) of [C], which is the minimum requirement for any flat pattern.
The pair is extending a large impulse [iii] of C of (2). Most likely, in the nearest future, the market will reach new local highs.
GBP USD, “Great Britain Pound vs US Dollar”
The pair continues forming flat inside wave (2) of [3]. In the nearest future, the market is expected to reach 1.5400 – 1.5455, which is the target of expanded flat.
Probably, the pair is about to finish wave iii of C of (2), which may be followed by a short-term sideways movement inside wave [iv] of C of (2). In the nearest future, the price is expected to reach new local highs.
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USD JPY, “US Dollar vs Japanese Yen”
Yen continues moving sideways, thus providing us with several possible scenarios. I stick to the one, which implies that the price is forming running flat (4) of [5], which may be followed by another ascending movement inside wave (5) of [5]. Nevertheless, the situation remains very unclear.
Most likely, Yen has finished wave [i] of 3 of (5) in the form of leading diagonal triangle with the truncation inside its fifth wave. In the nearest future, the market is expected to start growing inside wave [iii] of 3 of (5). This scenario will be cancelled if the pair breaks the critical level at 118.52.
USD CAD, “US Dollar vs Canadian Dollar”
The pair is still forming a large descending zigzag inside wave [iv] of 3, which may be followed by a new ascending movement inside wave [v] of 3.
Probably, the price is extending wave [5] of v of (c): in order to complete it, the market must make another descending movement. The pair is expected to reach a new local low and complete zigzag inside wave [iv] 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.
