wave analysis and forecast of 29.05 – 05.06

EUR/USD Wave analysis and forecast of 29.05 – 05.06: The pair is likely to grow.
Estimated pivot point is at a level of 1.0814.

Our opinion: Buy the pair from correction above the level of 1.0814 with the target of 1.15 – 1.16. 1.1465.

Alternative scenario: Breakout of the level of 1.0814 and consolidation below this level will enable the price the decline to 1.05.

Analysis: Presumably, the formation of the bearish correction as the fourth wave, which has a shape of the zigzag, has completed. At the moment it is likely that the reversal and the first wave of the junior level are being developed. If this assumption is correct and the price does not break down the critical level of 1.0814 the pair will continue to rise up to 1.15 – 1.16 in the fifth wave.



GBP/USD Wave analysis and forecast of 29.05 – 05.06: It is expected that the pair will grow.
Estimated pivot point is at a level of 1.5254.

Our opinion: Sell the pair above the level of 1.5388 with the target of 1.57 – 1.58.

Alternative scenario: Consolidation of the price below the level of 1.5254 will enable the pair to continue decline to 1.5190 – 1.5044.

Analysis: Presumably, the formation of the “bearish” correction in the wave B, which has a shape of the zigzag, has completed. At the moment, it is assumed that the reversal is being formed as well as the first one-two wave of the junior level. If this assumption is correct and the price will not fall below the level of 1.5254, the pair can rise up to 1.57 – 1.58.



AUD/USD Wave analysis and forecast of 29.05 – 05.06: Correction has completed; the pair is likely to grow.
Estimated pivot point is at a level of 0.7761.
Our opinion: Buy the pair after breakdown of the level of 0.7761 with the target of 0.7930 – 0.8160.

Alternative scenario: Breakout and consolidation of the price below the level of 0.7529 will enable the pair to continue decline to 0.74 – 0.73 in the long-term bearish trend.

Analysis: The Australian dollar continues to decline within the “bearish” correction in the supposed wave 2, which took a shape of the irregular plane with the extended wave c of 2. Locally, it is assumed that the final wave c of 2 is nearing completion and impetus is being formed within it. The price has reached estimated level of 62% - 0.7740. If this assumption is correct and the price does not break down the critical level of 0.7530, the pair can reverse and the go up.



USD/JPY Wave analysis and forecast of 29.05 – 05.06: Uptrend continues.
Estimated pivot point is at a level of 122.50.

Our opinion: Buy the pair above the level of 122.50 with the target of 125.20.

Alternative scenario: Breakout and consolidation of the price below the level of 122.50 will enable the pair to continue decline to 120.00.

Analysis: Presumably, the formation of the bullish impetus continues in the fifth wave. Locally, it is likely that the third wave iii of 5 has completed and the local correction iv is being formed. If this assumption is correct after the completion of the wave the pair can continue to rise up to 125.20. Critical level for this scenario is 122.50. Breakdown of this level will enable the pair to continue decline to 120.00. 



USD/СAD Wave analysis and forecast of for 29.05 – 05.06: Uptrend continues.
Estimated pivot point is at a level of 1.2357.

Our opinion: Buy the pair from correction above the level of 1.2357 with the target of 1.2655.

Alternative scenario: Breakout and consolidation of the price below the level of 1.2357 will enable the pair to continue to decline to 1.22 – 1.21.

Analysis: Presumably, the formation of the “bullish” impetus continues in the first wave within the fifth senior level. Locally, it seems that the third wave (iii) of i of 5 ahs completed and the local correction (iv) is being formed. If this assumption is correction, after its completion it makes sense to expect that the pair will continue the rise up to 1.2655. Critical level for this scenario is 1.2357. Breakdown of this level will enable the decline in the pair to 1.22 – 1.21.