Forecast for November 8th, 2016
EUR USD, “Euro vs US Dollar”
At the H4 chart, the EUR/USD pair probably completed the
zigzag in the wave
[ii]. Consequently, in the nearest future the market may fall in the wave
(i). After finishing this wave, the market may start forming the wave
[iii].
Probably, after finishing the bullish impulse in the wave
(c) of [ii], the pair formed the descending
wedge in the wave
i and the correction in the wave
ii. As a result, in the nearest future the market may start falling in the wave
iii of (i).
GBP USD, “Great Britain Pound vs US Dollar”
It’s highly likely that the GBP/USD pair formed the
double three[iv] with the
zigzag(y) inside it. As a result, in the nearest future the market may form the bearish impulse in the wave
(i).
As we can see at the H1 chart, after finishing the wave
c of (y), the pair completed the descending impulse in the wave
i and then the wave
ii as well. Later, the market may start falling in the wave
iii of (i).
USD JPY, “US Dollar vs Japanese Yen”
In case of the USD/JPY pair, the situation is rather complicated. The wave
[iv] from the current scenario, which was completed in the form of the
double three, may transform into some other correctional pattern. As a result, to confirm the bearish scenario, the market has to form the descending impulse in the wave
iii.
As we can see at the H1 chart, after finishing the
diagonal triangle in the wave
c of (y), the pair formed the bearish impulse in the wave
i. On Tuesday, the price may complete the
zigzag in the wave
ii. To confirm this scenario, the market has to form the descending wave
[1] of iii.
AUD USD, “Australian Dollar vs US Dollar”
It looks like the AUD/USD pair is still forming the
horizontal triangle in the wave
[e] of 4. Consequently, during the next several weeks the market may continue consolidating.
As we can see at the H1 chart, the wave
(c) took the form of the
double zigzag with the
trianglex inside it. Later, the market may start a short-term decline in the wave
(d), which may take the form of the
zigzag.
RoboForex Analytical Department