Wave Analysis 20.09.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
20.09.2016
Forecast for September 20th, 2016
EUR USD, “Euro vs US Dollar”
Probably, after finishing the triangle in the wave (B), the EUR/USD pair completed the descending impulse in the wave [i] and the correctional wave [ii]. Consequently, in the nearest future the market may start falling in the wave [iii].
More detailed structure is shown on the H1 chart. It’s highly likely that today the pair finished the wave [ii]. As a result, soon the market may start falling in the third wave and break the low of the wave [i].
GBP USD, “Great Britain Pound vs US Dollar”
It looks like the GBP/USD pair is forming the extension in the wave (iii). Earlier, the price finished the double zigzag in the wave (ii). Consequently, in the nearest future the market may continue falling in the third wave.
As we can see at the H1 chart, the pair started the fifth wave in the extended wave iii. In the nearest future, the market may break the low of the wave [3]. Later, after finishing the wave [5] of iii, the price may start a new ascending correction, i.e the wave iv.
USD JPY, “US Dollar vs Japanese Yen”
The USD/JPY pair continues forming the diagonal triangle in the wave [v] of C. It looks like earlier the price completed the wave (ii). As a result, in the nearest future the market may form the bearish wave (iii).
As we can see at the H1 chart, the pair completed the zigzag in the wave x and then the descending wedge in the wave [A]. Consequently, after finishing the local correction, the price may continue falling and reach new lows.
AUD USD, “Australian Dollar vs US Dollar”
The AUD/USD pair finished the wedge in the wave (i) along with the correctional wave (ii) and may continue moving downwards in the future. It’s highly likely that in the nearest future the market may form the extension in the wave (iii).
As we can see at the H1 chart, the pair has probably finished the zigzagii. Earlier, the price formed the descending impulse in the wave i. To confirm a new decline, the price has to form a 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.