Best Forex Brokers:Forex Weekly Wave analysis and forecast of 09.05 – 16.05.2014
Keywords:Forex Analysis,Forex Trading Strategy,Forex Strategy,Wave Analysis,ForecastEUR/USD: Wave analysis and forecast of 09.05 – 16.05: The pair is likely to decline. Estimated pivot point is at the level of 1.3995.
Our opinion: Sell the pair from correction below the level of 1.3995 with the target of 1.37 – 1.36.
Alternative scenario: Breakout of the level of 1.3995 will enable the price to continue growth to the level of 1.41.
Analysis: Presumably, the formation of the zigzag (a)(b)(c) has been completed in the final fifth wave of the diagonal triangle, which is nearing completion of the long-term upward correction in the weekly timeframe. Locally, it is possible that the first in-lead wave of the long-term downtrend is being formed. Critical level for this scenario is 1.3995.
GBP/USD Wave analysis and forecast for 09.05 – 16.05: The pair is likely to decline. Estimated pivot point is at the level of 1.70.
Our opinion: Sell the pair from correction below the level of 1.6995 with the target of 1.6820 – 1.6750.
Alternative scenario: Breakout and consolidation above the level of 1.70 will enable the price to continue growth up to the level of 1.73.
Analysis: Presumably, the formation of the fifth final wave of the upward zigzag has completed on the daily timeframe. Locally, it is not excluded that the pair will reverse downward and long-term downtrend will be formed. If this assumption is correct, the pair will continue to decline to the level of 1.6820, forming the first in-lead wave.
USD/CHF Wave analysis and forecast for 09.05 – 16.05: The pair is likely to decline. Estimated pivot point is at the level of 0.8861.
Our opinion: Sell the pair below the level of 0.8861 with the target of 0.8670 – 0.86.
Alternative scenario: Breakout of the level of 0.8861 will allow the pair to continue growth to the level of 0.8950.
Analysis: Presumably, the third wave has completed within the emerging diagonal triangle in the fifth wave of the senior level. Locally, it is assumed that the fourth wave is being formed, and if current growth in the pair will not disrupt the critical level of 0.8861, the pair will continue to decline up to the levels of 0.8670 – 0.86.
USD/JPY Wave analysis and forecast for 09.05 – 16.05: The pair is likely to decline. Estimated pivot point is at the level of 103.02.
Our opinion: Sell the pair below the level of 103.02 with the target of 100.0.
Alternative scenario: Breakout of the level of 103.02 will enable the rise in the pair to the levels of 104.0 – 105.0.
Analysis: Presumably, the third wave in the wave C of the senior level is being formed. Locally, it is likely that minor correction as the second wave is being formed; if this assumption is correct, it makes sense to expect decline in price to the levels of 100.0 – 99.0.
USD/CAD Wave analysis and forecast for 09.05 – 16.05: The pair is likely to decline. Estimated pivot point is at the level of 1.0906.
Our opinion: the pair from correction below the level of 1.0906 with the target of 1.0730.
Alternative scenario: Breakout of the level of 1.0906 will enable the pair to continue growth to the level of 1.12.
Analysis: Presumably, the formation of the downward correction in the wave с of 4 continues. Locally, downward momentum is being formed, within which the third wave is probably nearing completion and minor correction is likely to take place, as the fourth wave. If this assumption is correct, and the price does not disrupt the upper boundary of the channel at the level of 1.0906, the pair will continue to decline to the level of 1.0730.
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