Wave Analysis 17.10.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
17.10.2016
Forecast for October 17th, 2016
EUR USD, “Euro vs US Dollar”
In case of the EUR/USD pair, the price continues forming the descending impulse in the wave [i]. Earlier, the instrument finished the triangle in the wave E of (B). Consequently, in the nearest future the market may complete the wave (v) of [i] and start a new ascending correction.
More detailed structure is shown on the H1 chart. After completing the wave (iv) in the form of the zigzag, the pair formed the descending impulse in the wave i. As a result, after completing the local correction, the market may start falling in the wave iii of (v).
GBP USD, “Great Britain Pound vs US Dollar”
In case of the GBP/USD pair, the price is still forming the extension in the wave [iii] and has already finished the horizontal triangle in the fourth wave. As a result, in the nearest future the market may resume falling while forming the wave (v) and break the low of the wave (iii).
As we can see at the H1 chart, the pair completed the wave e of (iv) and started moving downwards. It’s highly likely that in the nearest future the market may continue forming the descending impulse in the wave (v) of [iii].
USD JPY, “US Dollar vs Japanese Yen”
The main scenario remains the same and implies that the USD/JPY may yet continue forming the triangle in the wave [iv]. It looks like the price is about to finish the wave (c). To confirm a new decline in the wave (d), the market has to fix below the Moving Average.
As we can see at the H1 chart, the wave (c) is taking the form of the double zigzag. As a result, in the nearest future the market may move downwards in the wave a of (d) and break the local low.
AUD USD, “Australian Dollar vs US Dollar”
Last week, the AUD/USD pair rebounded from the downside border of the triangle and may yet continue forming the wave [e]. It’s highly likely that in the nearest future the market may form the ascending impulse in wave (c).
More detailed structure is shown on the H1 chart. After finishing the diagonal trianglec of (b), the pair formed the ascending impulse in the wave i. As a result, in the nearest future the market may start a short-term growth in the wave iii of (c).
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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.