Wave Analysis 15.12.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
15.12.2016
Forecast for December 15th, 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] along with the correctional wave [ii]. Yesterday, the price started forming the wave [iii] and broke the local low. Consequently, in the nearest future the market may continue falling.
As we can see at the M30 chart, the pair completed the wave [ii] and then formed the descending impulse in the wave (i). On Thursday, the local correction in the wave (ii) may take place, which may be followed by a new decline.
GBP USD, “Great Britain Pound vs US Dollar”
In case of the GBP/USD pair, after finishing the double three in the wave [iv], the price formed the bearish wedge in the wave (i). Later, the pair completed the correction and started forming the wave (iii). Probably, during the next several days the market may continue moving downwards.
More detailed structure is shown on the H1 chart. Yesterday, the pair completed the wave (ii) in the form of the double zigzag and then formed the quick bearish impulse, which may be wave i of (iii). As a result, after finishing the local correction, the price is expected to continue falling.
USD JPY, “US Dollar vs Japanese Yen”
In case of the USD/JPY pair, the price is still forming the bullish impulse in the wave c of (y). Taking into account price movements in other currency pairs, the instrument is expected to continue growing.
As we can see at the H1 chart, the pair finished the third wave in the ascending wave [5]. Consequently, after finishing the local correction, the market may continue moving upwards in the wave (5) of [5].
AUD USD, “Australian Dollar vs US Dollar”
Probably, after finishing the descending impulse in the wave (i), the AUD/USD pair completed the wave (ii) in the form of the zigzag. As a result, during the next several days the market may continue falling in the wave (iii).
As we can see at the H1 chart, the pair completed the diagonal triangle in the wave c of (ii) and, as a result, started falling in the wave i. Right now, the local correction is taking place, which may later be followed by another descending movement.
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.