Wave Analysis 13.12.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)

13.12.2016

Forecast for December 13th, 2016

EUR USD, “Euro vs US Dollar”

After completing the double three in the wave 2, the EUR/USD pair formed the descending impulse in the wave [i]. In the nearest future, the market may be corrected, but later it is expected to resume falling in the wave [iii] of 3.



As we can see at the M30 chart, the pair completed the wave [i], the bullish impulse in the wave (a), and, possibly, the correctional wave (b) as well. As a result, after finishing the wave (c) of [ii], the market may resume falling in the wave (i).




GBP USD, “Great Britain Pound vs US Dollar”

It looks like after completing the wave [iv], the GBP/USD pair formed the bearish wedge in the wave (i). In the nearest future, the market may finish the local correction and start a new decline. As a result, the price may break the local low quite soon.



At the H1 chart, the pair completed the wave (i) and then formed the ascending zigzag, which may be the wave w of (ii). Consequently, the local correction may take the form of the double zigzag. To confirm a new decline, the market has to form the descending impulse in the wave i.




USD JPY, “US Dollar vs Japanese Yen”

Probably, the USD/JPY pair completed the ascending impulse in the wave c of (y). Consequently, in the nearest future the market may start a new descending correction. To confirm this scenario, the price has to form the bearish impulse in the wave i or a.



As we can see at the H1 chart, the pair completed the descending impulse in the wave [1], thus finishing the bullish impulse, and may start a new bearish correction. As a result, in the nearest future the market may continue falling in the wave [3].




AUD USD, “Australian Dollar vs US Dollar”

Probably, the AUD/USD pair completed the correctional wave (ii) after finishing the diagonal triangle in the wave (c) and the descending impulse in the wave (i). As a result, in the nearest future the market may start forming the wave (iii).



More detailed structure is shown on the H1 chart. The pair completed the diagonal triangle in the wave c of (ii) and rebounded from the pattern’s upside border. To confirm a new decline, the market has to form the descending impulse in the wave [1].




 
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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.