Wave analysis of EURUSD, GBPUSD, USDJPY on May 15.
It is assumed that the development of a correctional wave was completed (4). In the last section, we see a decline in the currency pair within the bearish impulse (5). Most likely, today the price will continue to move in the downward direction. From macroeconomic statistics today one should pay attention to the publication of data on changes in the volume of retail trade for April. These data will be published at 15:30 Moscow time in the USA. It is likely that this news will contribute to the bearish scenario.
Apparently, the development of a longitudinal lateral correction 4, which took the form of a divergent triangle, was completed. In the last section, the construction of the downward impulse wave 5 has begun, within which it is possible to decrease in the coming trading days. Also, today will be published statistics on the labour market in the UK, namely, the average earnings. If a negative release is released, this will reinforce the assumption that wave 5 development has already begun.
The market continues to progress gradually in an upward direction. Perhaps we see the construction of a finite diagonal, the shape of which takes the wave (5). If the assumption is correct, then we now see the development of the last wave of this diagonal. Therefore, it should be borne in mind that a price turn is possible soon. However, given the fact that the yield differential of the 10-year government bonds of the United States and Japan shows growth, today a local currency pair may rise.
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