Wave Analysis 15.11.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
15.11.2016
Forecast for November 15th, 2016
EUR USD, “Euro vs US Dollar”
At the H4 chart, the EUR/USD pair is probably forming the extension in the wave [iii]. Earlier, after completing the zigzag in the wave E of (B), the price formed the descending impulse in the wave [i]. Consequently, during the next several days the market may continue moving downwards.
As we can see at the M15 chart, after finishing the descending impulse in the wave (i), the pair started a new correction. It’s highly likely that the price may complete the wave (ii) on Tuesday and start falling the wave (iii).
GBP USD, “Great Britain Pound vs US Dollar”
Probably, the GBP/USD pair completed the [ii] in the form of the flat. To confirm a new decline inside the main downtrend, the market has to form the descending impulse in the wave (i).
More detailed structure is shown on the H1 chart. After finishing the ascending impulse in the wave (c), the pair formed the bearish one in the wave i and the correction in the wave ii. As a result, on Tuesday the market may continue falling in the wave iii.
USD JPY, “US Dollar vs Japanese Yen”
It’s highly likely that the USD/JPY pair is about to complete the double three in the wave [iv]. On a shorter timeframe, the price is finishing the ascending impulse in the wave c of (y). Consequently, in the nearest future bears may try to reverse the market to the downside.
As we can see at the M15 chart, the pair is still moving upwards and, as a result, forming the extension in the wave [3]. Consequently, after completing the local correction, the market may continue growing and break the high of the wave (3).
AUD USD, “Australian Dollar vs US Dollar”
The AUD/USD pair completed the diagonal triangle in the wave (c) of [y] and started forming the wave (i). As a result, in the nearest future the market may resume moving downwards and break the local low.
As we can see at the M30 chart, the pair is about to finish the second wave in the wave [2]. Earlier, the price formed the descending impulse in the wave i. On Tuesday, the market may resume its decline in the wave [3] of iii.
RoboForex Analytical Department
Attention!
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.