Wave Analysis 12.05.2015 (EUR/USD, GBP/USD, USD/JPY, USD/CAD)
12.05.2015
Analysis for May 12th, 2015
EUR USD, “Euro vs US Dollar”
Euro has completed expanded flat(2) of [C] and, probably, already finished wave (i) of [i] of 1 of a new descending impulse. In the future, the market is expected to continue falling.
Probably, the pair has finished wave (i) of [i] of 1 in the form of wedge (but not a perfect one). If the price is able to stay below the confirming level (crimson line on the chart), the main scenario will remain in effect.
GBP USD, “Great Britain Pound vs US Dollar”
Pound continues forming expanded flat inside wave (2) of [3]. In order to complete the pattern, the price must reach another local high.
The pair is still forming wave [v] of C of (2) of a large expanded flat. In order to complete this wave, the market must reach a new local high. In this situation, there are two possible scenarios, that’s why, most likely, in the nearest future the pair may reverse downwards.
USD JPY, “US Dollar vs Japanese Yen”
In case of Yen, the price performance is quite low, that’s why the main scenario is in effect so far: most likely, in the nearest future the market will grow inside wave 3 of (5) of [5].
After finishing wave [ii] of 3 of (5) in the form of expanded flat, the market started moving upwards slowly inside wave [iii] of 3 of (5). The pair is expected to continue growing.
USD CAD, “US Dollar vs Canadian Dollar”
The price is almost standing still, however, the main scenario remains in effect: after finishing double zigzag inside wave [iv] of 3, the market is expected to move upwards inside wave [v] of 3.
Probably, wave (ii) of [v] of 3 is taking the form of double three. In nearest future, the market is expected to continue growing, An alternative scenario (colored in gray) is becoming more real. It implies that the pair may form running triangle inside wave b of (y) of [iv] and cross the critical level (red line on the chart) inside wave c of (y) of [iv].
RoboForex Analytical Department
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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.