Wave Analysis 17.11.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
17.11.2016
Forecast for November 17th, 2016
EUR USD, “Euro vs US Dollar”
At the H4 chart, the EUR/USD pair is 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 M30 chart, the pair is forming the descending impulse in the wave (iii). Earlier, after finishing the wave [ii], the price formed the waves (i) and (ii). Consequently, in the nearest future the market may continue falling and break the local low.
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).
At the H1 chart, the pair formed the descending impulse in the wave i and right now is being corrected in the wave ii, which may continue on Thursday. Later, the market may fall 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 M30 chart, the pair probably completed the wave c. Consequently, in the nearest future the market may resume falling. To confirm this scenario, the market has to form a new descending impulse.
AUD USD, “Australian Dollar vs US Dollar”
In case of the AUD/USD pair, the price 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 continue moving downwards and break the local low.
As we can see at the M30 chart, the pair finished the wave [2] in the form of the double three. Earlier, the price formed the descending impulse in the wave i. On Thursday, the market may resume its decline in the wave [3] of 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.