Best Forex Brokers:Forex Wave analysis and forecast of 17.04 – 24.04.2015
EUR/USD Wave analysis and forecast of 17.04 – 24.04: Correction has completed, the pair is likely to grow.
Estimated pivot point is at a level of 1.0510.
Our opinion: Buy the pair from correction above the level of 1.0510 with the target of 1.10 – 1.12.
Alternative scenario: Breakout of the level of 1.0510 and consolidation below this level will enable the price continue the decline to 1.03.
Analysis: The formation of the “bearish” correction in the second wave has completed. At the moment it seems that the wedge as the wave i of (i) of iii has formed. If this assumption is correct, after the completion of the local correction ii of (i), the rise in the pair will continue. Critical level for this scenario is 1.0510. Breakdown of this level will enable the pair to go further down.
GBP/USD Wave analysis and forecast of 17.04 – 24.04: The pair is likely to grow.
Estimated pivot point is at a level of 1.4563.
Our opinion: Buy the pair from correction above the level of 1.4563 with the target of 1.5220.
Alternative scenario: Consolidation of the price below the level of 1.4563 will enable the price to continue to decline to 1.45 – 1.44 in the downtrend.
Analysis: Presumably, the formation of the “bearish” impetus on the daily timeframe has completed. Locally it is likely that the lead-in impetus as the first wave (i) has formed. If this assumption is correct, after the completion of the local correction (ii) the pair will continue to rise to the level of 1.52 in the third wave. Critical level for this scenario is 1.4563.
AUD/USD Wave analysis and forecast of 17.04 – 24.04: The pair is undergoing correction. Downtrend continues.
Estimated pivot point is at a level of 0.7937.
Our opinion: Wait for the completion of the local impetus and sell the pair from correction below the level of 0.7937 with the target of 0.74.
Alternative scenario: Breakout and consolidation of the price above of the level of 0.7937 will enable the pair to continue the rise up to 0.8240.
Analysis: The Australian dollar is strengthening; while the local growth is still within the correction. Presumably, the formation of the “bullish” correction continues in the second wave 2, which has transformed from the usual zigzag into the plane. Currently, it seems that the formation of the impetus in the third wave of the plane с of 2 is nearing completion. If this assumption is correct, reversal can take place in the near future and the pair will resume the decline to the levels of 0.75 – 0.74 in the third wave 3 of (5). Critical level for this scenario is 0.7937.
USD/JPY Wave analysis and forecast of 17.04 – 24.04: Decline in the pair continues.
Estimated pivot point is at a level of 120.83.
Our opinion: Sell the pair from correction below the level of120.83 with the target of 116.80. In case of breakdown of the level of 120.83 buy with the target of 122.00.
Alternative scenario: Breakout and consolidation of the price above the level of 120.83 enable the pair to continue the rise up to 122.00.
Analysis: The formation of the “bearish” correction of the senior wave level as the fourth wave continues, within which the wave a as a zigzag (a)(b)(c) seems to develop. Locally it is likely that the wave (c) is being formed. If this assumption is correct and the price does not break down the critical level of 120.83, it makes sense to expect that the pair will continue to decline to 116.80.
USD/СAD Wave analysis and forecast of for 17.04 – 24.04: Bearish correction continues.
Estimated pivot point is at a level of 1.2386.
Our opinion: Sell the pair below the level of 1.2386 with the target of 1.20.
Alternative scenario: Breakout and consolidation of the price above the level of 1.2386 will enable the pair to continue the rise up to 1.2676.
Analysis: Presumably, the “bearish” correction is being formed in the fourth wave 4. Locally, it is likely that impetus in the wave с of 4 is being developed. If this assumption is correct the pair will continue to decline to 1.20. Critical level for this scenario is 1.2386 If this level is broken down, the pair can continue to rise up to 1.2676.
