Wave Analysis 21.11.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
21.11.2016
Forecast for November 21st, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair is still moving downwards in the wave [iii]. Earlier, after completing the triangle in the wave (B), the pair formed the descending impulse in the wave [i]. On Monday, the market may continue falling inside the thirds wave and reach a new low.
More detailed structure is shown on the M30 chart. Probably, the pair is about to finish the fourth wave of the extended wave (iii). Consequently, in the nearest future the market may resume falling in the wave v of (iii).
GBP USD, “Great Britain Pound vs US Dollar”
In case of the GBP/USD pair, the wave [ii] took quite a lot of time and was finished in the form of the flat. To confirm a new descending movement the market has to complete the descending impulse in the wave (i).
More detailed structure is shown on the H1 chart. After finishing the bullish impulse in the wave (c) of [iv], the pair completed the correctional wave ii and started forming the descending impulse in the wave iii. Consequently, in the nearest future the market may resume falling and break the low.
USD JPY, “US Dollar vs Japanese Yen”
Probably, the USD/JPY pair is about to complete the wave [iv] in the form of the double zigzag. On a shorter timeframe, the price is finishing the ascending impulse in the wave c of (y). To confirm a new decline, the market has to form a new bearish impulse.
As we can see at the M30 chart, the pair finished the fifth wave of the ascending impulse in the wave c of (y). As a result, in the future the market may reverse to the downside.
AUD USD, “Australian Dollar vs US Dollar”
In case of the AUD/USD pair, the price completed the diagonal triangle in the wave (c) and right now is still falling in the wave (i). It’s highly likely that in the nearest future the market may continue moving downwards.
As we can see at the M30 chart, the pair is forming the descending extension in the wave [3]. On Monday, the price may complete the local correction and resume its decline in the wave (5) of [3].
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.