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Wave analysis and forecast for 13.05.2016 – 20.05.2016 by Lite Forex

EUR/USD: Wave analysis and forecast for 13.05 – 20.05: Bearish correction continues.

Estimated pivot point is at the level of 1.1216.

Our opinion: Wait for the completion of the correction and buy the p[air above the level of 1.1216 with the medium-term target of 1.18 – 1.20.

Alternative scenario: Breakout and consolidation of the price below the level of 1.1216 will allow the pair to continue to decline to 1.1140 – 1.1050.

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 and the formation of the bearish correction continues as the wave ii of (iii). If this assumption is correct, after the completion of the correction the pair may continue to rise up to 1.18 – 1.20. Critical level for this scenario is 1.1216. If this level is broken down, the pair will continue to decline to 1.1140 – 1.1050 within the correction of the senior level.

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GBP/USD: Wave analysis and forecast for 13.05 – 20.05: The pair is likely to decline.

Estimated pivot point is at the level of 1.4520.

Our opinion: Sell the pair from correction below the level of 1.4520 with the target of 1.42.

Alternative scenario: Breakout and consolidation of the price above the level of 1.4520 will enable the pair to continue the rise up to the level of 1.4766.

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 and the correction (ii) to it as an irregular plane. If this assumption is correct, the pair will continue to decline in the third wave to the level of 1.42. Critical level for this scenario is 1.4520.

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USD/CHF: Wave analysis and forecast for 13.05 – 20.05: It is expected that the rise in the pair will continue.

Estimated pivot point is at the level of 0.9659.

Our opinion: Buy the pair from correction above the level of 0.9659 with the target of 0.98 – 0.99.

Alternative scenario: Breakout and consolidation of the price below the level of 0.9659, will allow the pair to continue to decline to 0.95.

Analysis: Presumably, the formation of the upward correction continues as the second wave ii, which is taking a shape of a plane (a)(b)(c). Currently, it seems that the wave (c) of ii is being developed, and within this wave the impetus may be formed. If this assumption is correct, the pair will continue to rise to the level of 0.99. Critical level for this scenario is 0.9659.

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USD/JPY: Wave analysis and forecast for 13.05 – 20.05: The pair continues to grow.

Estimated pivot point is at the level of 108.12.

Our opinion: Buy the pair from correction above the level of 108.12 with the target of 110.64.

Alternative scenario: Breakout and consolidation of the price below the level of 108.12 will trigger the decline in the pair to the levels of 106.36 – 105.50.

Analysis: Presumably, the formation of the upward correction as the fourth wave of the senior level continues. At the moment it is likely that the wave (a) of iv is being formed, within which an impetus is being developed. If this assumption is correct, the pair will continue to rise up to 110.64. Critical level for this scenario is 108.12. Breakout of this level will trigger the decline in the pair to 106.36.

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USD/CAD: Wave analysis and forecast for 13.05 – 20.05: The pair is likely to grow.

Estimated pivot point is at the level of 1.2767.

Our opinion: Buy the pair from correction above the level of 1.2767 with the target of 1.33.

Alternative scenario: Breakdown and consolidation of the price below the level of 1.2767 will enable the pair to continue decline to 1.2450.

Analysis: Presumably, the formation of the downward impetus has completed in the wave А. At the moment it is likely that upward correction as the wave B is being developed, within which the wave a of B is being formed. If this assumption is correct and the price does not break out the critical level of 1.2767, the price can continue to rise up to 1.33 – 1.3540 – 1.38.

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Source: http://www.liteforex.com/

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