Best Forex Brokers – Forex Wave analysis and forecast for 29.04 – 06.05.2016
EUR/USD: Wave analysis and forecast for 29.04 – 06.05: Uptrend continues.
Estimated pivot point is at the level of 1.1269.
Our opinion: Buy the pair from correction above the level of 1.169 with the target of 1.16 – 1.17.
Alternative scenario: Breakout and consolidation of the price below the level of 1.1269 will allow the pair to continue to decline to 1.1130 – 1.1040.
Analysis: Presumably, the formation of the correction as the wave (ii) of iii has completed. At the moment it seems that the third wave (iii) is being developed. If this assumption is correct, the pair will continue to rise up to 1.16 – 1.17. Critical level for this scenario is 1.1269. If this level is broken down, the pair will continue to decline to 1.1130.
GBP/USD: Wave analysis and forecast for 29.04 – 06.05: The pair continues to grow.
Estimated pivot point is at the level of 1.4513.
Our opinion: Buy the pair from correction above the level of 1.4513 with the target of 1.4724 – 1.4800. In case of breakdown of the level of 1.4513 and consolidation of the price below this level, sell with the target of 1.4044.
Alternative scenario: Breakout and consolidation of the price below the level of 1.4513 will enable the pair to continue decline to the level of 1.4044.
Analysis: Presumably, the formation of the upward correction as the fourth wave of the senior level continues. Locally, it seems that the wave с of 4 is being developed, within which an impetus is being formed and the final fifth wave. If this assumption is correct, the pair will continue to rise up to 1.4724 – 1.48.
USD/CHF: Wave analysis and forecast for 29.04 – 06.05: The pair is likely to decline.
Estimated pivot point is at the level of 0.9800.
Our opinion: Buy the pair from correction below the level of 0.9580 with the target of 0.94 – 0.93 or lower.
Alternative scenario: Breakout and consolidation of the price above the level of 0.9800 will allow the pair to continue the rise to 0.99 – 1.00.
Analysis: Presumably, the formation of the upward correction has completed as the second wave ii, which took a shape of the zigzag. Currently, it seems that the third wave iii is being developed. If this assumption is correct the pair will continue to decline in the medium-term downtrend. Critical level for this scenario is 0.9800.
USD/JPY: Wave analysis and forecast for 29.04 – 06.05: The decline in the pair continues.
Estimated pivot point is at the level of 108.70.
Our opinion: Sell the pair from correction below the level of 108.70 with the target of 106.00 – 105.00.
Alternative scenario: Breakout and consolidation of the price above the level of 108.70 will trigger the rise in the pair up to the levels of 110.70 – 112.00.
Analysis: Presumably, the formation of the downward impetus continues in the third wave of the senior level. At the moment it is likely that the fifth wave is being developed (v) of iii, within which an impetus as the fifth wave of the junior level v of (v) is being formed. If this assumption is correct, the pair may continue to decline to 106.00 – 105.00. Critical level for this scenario is 108.70.
USD/CAD: Wave analysis and forecast for 29.04 – 06.05: Downtrend continues.
Estimated pivot point is at the level of 1.2754.
Our opinion: Sell the pair from correction below the level of 1.2754 with the target of 1.2250 – 1.22.
Alternative scenario: Breakdown and consolidation of the price above the level of 1.2754 will enable the pair to continue the rise up to 1.2990 – 1.3220.
Analysis: Presumably, the formation of the downward impetus continues in the wave A. At the moment it seems that the fifth wave is being developed (v) of v of A. If this assumption is correct, and the price does not break out the critical level of 1.2754, the price may decline to 1.2250 – 1.22.
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The analytical materials are provided by Aleksander Geuta, a trader and analyst of LiteForex |
