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Friday, 05 May 2017 17:25 Written by

Wave analysis and forecast for 05.05.2017 – 12.05.2017 by LiteForex

 

EUR/USD

EURUSD 1
EURUSD 2

Wave analysis and forecast for 05.05 – 12.05: Uptrend continues.

Estimated pivot point is at the level of 1.0870.

Analysis: Presumably, the formation of the uptrend continues on the four-hour timeframe, within which the third wave iii of 3 of the senior level is being formed. At the moment, it seems that the third wave of the junior level (iii), is being developed, within which one-two impetus i of (iii) has formed. If this assumption is correct, after the completion of the local correction ii of (iii), the pair may continue to rise to the level of 1.1165, or higher up. Critical level for this scenario is 1.0760 – 1.0715. After breaking down this level the price may continue to decline within deep correction.

Alternative scenario: Breakout and consolidation of the price below the level of 1.0870 may trigger further decline in the pair to 1.0760 – 1.0715.


Our opinion: Buy the pair from correction above the level of 1.0870 with the target of 1.1165.

 

GBP/USD

GBPUSD 1

GBPUSD 2

 

Wave analysis and forecast for 05.05 – 12.05: Uptrend continues.

Estimated pivot point is at the level of 1.2827.

Analysis: Presumably, the formation of the upward correction as the wave 4 of the senior level continues. Within this wave the wave c of 4 is being developed. Locally, it is likely that the fifth final wave (v) of c of 4 is being developed. If this assumption is correct, the pair may continue to rise up to 1.3050 – 1.3150. Critical level for this scenario is 1.2827.

Alternative scenario: Breakdown and consolidation of the price below the level of 1.2827 will trigger further decline in the pair to 1.2770 – 1.2700.


Our opinion: Buy the pair from correction above the level of 1.2827 with the target of 1.3050 – 1.3150.


USD/CHF

USDCHF 1

USDCHF 2

 

Wave analysis and forecast for 05.05 – 12.05: Downtrend continues.

Estimated pivot point is at the level of 0.9954.

Analysis: Presumably, the formation of the downward wedge continues in the four-hour timeframe, within which the fifth wave is being formed. Locally it seems that the third wave as an impetus of the junior level (iii) of v is being developed. If this assumption is correct, the pair may decline to the level of 0.9809. Critical level for this scenario is 0.9954.

Alternative scenario: Breakout and consolidation of the price above the level of 0.9954 will trigger rise in the pair up to 1.0029.


Our opinion: Sell the pair from correction below the level of 0.9954 with the target of 0.9809 – 0.9750.


USD/JPY

USDJPY 1

USDJPY 2

Wave analysis and forecast for 05.05 – 12.05: It is expected that the pair will decline.

Estimated pivot point is at the level of 113.03.

Analysis: Presumably, the formation of the upward impetus as the first one-two wave of the junior level (i) is being formed in the wave C of the senior level. Locally, it is likely that the downward correction as the wave (ii) is being developed. If this assumption is correct, the pair can continue to decline to 111.15 – 110.60. Critical level for this scenario is 113.03.

Alternative scenario: Breakout and consolidation of the price below the level of 113.03 will trigger further rise in the pair up to 114.00 – 114.50.


Our opinion: Sell the pair from correction below the level of 113.03 with the target of 111.15 – 110.60.


USD/CAD

USDCAD 2

USDCAD 3

Wave analysis and forecast for 05.05 – 12.05: Uptrend continues.

Estimated pivot point is at the level of 1.3679.

Analysis: Presumably, the formation of the wave с of B continues. Within this wave the third wave (iii) is being developed as an impetus. Locally, it is likely that the wave iii of (iii) of the junior level is being developed. If this assumption is correct, the pair can continue to rise up to the level of 1.3900. Critical level for this scenario is 1.3679. If the price breaks down this level, the decline can continue up to the level of 1.3500 – 1.3400.

Alternative scenario: Breakout and consolidation of the price below the level of 1.3679 will trigger further decline in the pair to 1.3500 – 1.3400.


Our opinion: Buy the pair from correction below the level of 1.3679 with the target of 1.3900. In case of breakdown of the level of 1.3679 sell with the target of 1.3500 – 1.3400.

 

Source: http://www.liteforex.com/

Read 128 times Last modified on Friday, 05 May 2017 17:25

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