Best Forex Brokers – Forex Wave analysis and forecast for 06.05 – 13.05.2016
EUR/USD: Wave analysis and forecast for 06.05 – 13.05: Uptrend continues.
Estimated pivot point is at the level of 1.1211.
Our opinion: Buy the pair from correction above the level of 1.1211 with the medium-term target of 1.18 – 1.20.
Alternative scenario: Breakout and consolidation of the price below the level of 1.1211 will allow the pair to continue to decline to 1.1130 – 1.1040.
Analysis: Presumably, the formation of the upward trend continues in the third wave iii of the senior level. At the moment it seems that the third wave of the junior level (iii) of iii is being developed within which one-two impetus импульс i of (iii) has been formed as the correction as the wave ii of (iii). If this assumption is correct, the pair may continue to rise up to 1.18 – 1.20. Critical level for this scenario is 1.1211. If this level is broken down, the pair will continue to decline to 1.1130 – 1.1040.
GBP/USD: Wave analysis and forecast for 06.05 – 13.05: Correction has completed. The pair is likely to decline.
Estimated pivot point is at the level of 1.4770.
Our opinion: Sell the pair from correction below the level of 1.4770 with the target of 1.4285 – 1.4040.
Alternative scenario: Breakout and consolidation of the price above the level of 1.4770 will enable the pair to continue the rise up to the levels of 1.49 – 1.50.
Analysis: Presumably, the formation of the upward correction as the fourth wave 4 of the senior level has completed. Locally, it seems that the pair is declining in the fifth wave 5, within which one-two impetus (i) has been formed. If this assumption is correct, the pair will continue to decline to 1.4285 – 1.4040.
USD/CHF: Wave analysis and forecast for 06.05 – 13.05: The pair is likely to decline.
Estimated pivot point is at the level of 0.9790.
Our opinion: Sell the pair from correction below the level of 0.9790 with the target of 0.9130.
Alternative scenario: Breakout and consolidation of the price above the level of 0.9790 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, within which one-two impetus (i) of iii has been formed and the local correction (ii) of iii is nearing completion. If this assumption is correct the pair will continue to decline in the medium-term downtrend. Critical level for this scenario is 0.9790.
USD/JPY: Wave analysis and forecast for 06.05 – 13.05: The pair is likely to grow.
Estimated pivot point is at the level of 105.50.
Our opinion: Buy the pair from correction above the level of 105.50 with the target of 109.40 – 111.90.
Alternative scenario: Breakout and consolidation of the price below the level of 105.50 will trigger the decline in the pair to the levels of 105.00 – 104.00.
Analysis: Presumably, the formation of the downward impetus has completed in the third wave of the senior level. At the moment it is likely that the formation of the fifth wave (v) of iii has completed, which has obvious 5 wave structure. If this assumption is correct, locally the pair will reverse to correction of the senior level as the fourth wave to the levels of 109.40 – 111.90. Critical level for this scenario is 105.50.
USD/CAD: Wave analysis and forecast for 06.05 – 13.05: The pair is likely to grow.
Estimated pivot point is at the level of 1.2453.
Our opinion: Buy the pair from correction above the level of 1.2453 with the target of 1.33 – 1.3540.
Alternative scenario: Breakdown and consolidation of the price below the level of 1.2453 will enable the pair to continue decline to 1.2250 or further down in the downtrend.
Analysis: Presumably, the formation of the downward impetus continues in the wave A. At the moment it seems that the upward correction is being developed in wave B. If this assumption is correct, and the price does not break out the critical level of 1.2453, the pair may continue to rise up to 1.33 – 1.3540 – 1.38.
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The analytical materials are provided by Aleksander Geuta, a trader and analyst of LiteForex |
