Wave Analysis 12.12.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
12.12.2016
Forecast for December 12th, 2016
EUR USD, “Euro vs US Dollar”
It looks like the EUR/USD pair completed the double three in the wave 2 and then formed the descending impulse in the wave [i] along with the correction in the wave [ii]. Consequently, in the nearest future the market may start falling in the wave [iii] of 3.
As we can see at the M30 chart, the pair completed two descending impulses. On Monday, the price may be corrected in the wave (ii). Later, the market may resume falling in the wave (iii) of [iii].
GBP USD, “Great Britain Pound vs US Dollar”
After completing the double three in the wave [iv], the GBP/USD pair formed the descending impulse in the wave (i). As a result, after finishing the local correction, the market may start a new decline in the wave (iii) of [v].
At the H1 chart, the pair completed the diagonal triangle in the wave c of (y) and then formed the descending wedge in the wave (i). Consequently, after finishing the correctional wave (ii), the market may resume falling and break the local low.
USD JPY, “US Dollar vs Japanese Yen”
The USD/JPY pair is still forming the descending wave c of (y). In the nearest future, the market may continue growing. Later, the market may start the bearish wave i or a, which may be followed by another correction.
More detailed structure is shown on the H1 chart. The pair probably formed the diagonal triangle in the wave (5). In the nearest future, the market may complete the wave [5] of c and start a new descending correction.
AUD USD, “Australian Dollar vs US Dollar”
It’s highly likely that the AUD/USD pair completed the correctional wave (ii) after finishing the descending impulse in the wave (i). As a result, in the nearest future the market may start a new decline and break the low of the wave (i).
As we can see at the H1 chart, the pair finished the wave (ii) and the descending impulse in the wave i. Later, after finishing the local correction, the market may resume falling in the wave iii.
RoboForex Analytical Department
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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.