Estimated pivot point is at a level of 1.1446.
Our opinion: In the short-term: sell the pair from correction below the level of 1.1446 with the target of 1.1090.
Alternative scenario: Breakout of the level of 1.1446 and consolidation above this level will enable the price to grow up to 1.15 – 1.16.
Analysis: The formation of the third wave iii of the senior level has completed on the four-hour timeframe; the wave has slightly extended and reached the level of 1.1446. Locally, it is likely that the decline will start in the fourth wave. If this assumption is correct and the price does not break down the critical level of 1.1446, the pair can decline to 1.1090.
GBP/USD Wave analysis and forecast of 15.05 – 22.05: The decline as part of the correction is expected.
Estimated pivot point is at a level of 1.5820.
Our opinion: Sell the pair from correction below the level of 1.5820 with the target of 1.55 – 1.53.
Alternative scenario: Consolidation of the price above the level of 1.5820 will enable the rise in price to 1.59 – 1.60.
Analysis: Presumably, the formation of the “bullish” impetus has completed in the first wave A of the large upward correction 2. At the moment, it seems that the reversal in the pair is being developed and if this assumption is correct, it is possible that the pair will drop to 1.55 – 1.53. Critical level for this scenario is 1.5820. Breakdown of this level and consolidation above it will cause the rise in the pair and extension of the wave v of A.
AUD/USD Wave analysis and forecast of 15.05 – 22.05: Uptrend dominates.
Estimated pivot point is at a level of 0.7958.
Our opinion: Buy the pair from correction above the level of 0.7958 with the target of 0.84.
Alternative scenario: Breakout and consolidation of the price below the level of 0.7958 will enable the pair to continue decline to 0.75.
Analysis: The Australian dollar continues to strengthen versus the USD. The price has reached the highs of the first wave 1, which suggests that locally, the third wave 3 is being developed. At the moment, judging by the structure of the wave growth, we can assume that the third wave of the junior level iii of 3 is being developed. If this assumption is correct, the pair can continue to rise up to 0.84. Critical level for this scenario is 0.7958. Breakdown of this level will trigger the decline in the pair.
USD/JPY Wave analysis and forecast of 15.05 – 22.05: Correction has completed. The pair is likely to grow.
Estimated pivot point is at a level of 118.48.
Our opinion: Buy the pair from correction above the level of 118.48 with the target of 122.00.
Alternative scenario: Breakout and consolidation of the price below the level of 118.48 will enable the pair to continue decline to 118.00 – 117.00.
Analysis: Presumably, the formation of the correction as the fourth wave 4, which took the shape of the triangle, has completed. Locally it is likely that the formation of the final wave e of 4 ahs completed. If this assumption is correct the pair can rise up to the level of 122.00. in the fifth wave. Critical level for this scenario is 118.48. Breakdown of this level will enable the pair to continue decline to 118.00 – 117.00.
USD/СAD Wave analysis and forecast of for 15.05 – 22.05: The “bearish” correction is nearing completion. The pair is likely to grow.
Estimated pivot point is at a level of 1.2158.
Our opinion: Buy the pair above the level of 1.2158 with the target of 1.2450 – 1.28.
Alternative scenario: Breakout and consolidation of the price above the level of 1.2158 will enable the pair to continue the rise up to 1.2450 – 1.28.
Analysis: Presumably, the formation of the “bearish” correction in the fourth wave 4 is still ongoing. Locally, it seems that the final wave c of 4 is being developed; within this wave the fifth wave of the junior level (v) of c of 4 is being formed as a wedge. If this assumption is correct, it makes sense to expect that the pair will grow up to 1.2450 – 1.28. . Critical level for this scenario is 1.2158. Breakdown of this level will enable the rise in price to 1.2450 – 1.28.
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