Wave Analysis 22.09.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
22.09.2016
Forecast for September 22nd, 2016
EUR USD, “Euro vs US Dollar”
In case of the EUR/USD pair, the chart structure was changed. It looks like after completing the wave (B), the price formed the descending wedge in the wave [i]. As a result, after finishing the local correction, the market may resume moving downwards in the wave [ii].
More detailed structure is shown on the H1 chart. Yesterday the pair completed the wave (v) of [i], rebounded from the downside border of the wedge, and started the current ascending correction. In the nearest future, the market may finish the wave (a) and start the correctional wave (b) of [ii].
GBP USD, “Great Britain Pound vs US Dollar”
In case of the GBP/USD pair, the main scenario remains the same. It looks like in the nearest future the price may continue forming the extension in the wave (iii). Consequently, after finishing the local correction, the market may resume falling and break the previous low.
More detailed structure is shown on the H1 chart. After completing the impulse in the wave [5] of iii, the pair started the current ascending correction. It looks like In the nearest future, the market may continue forming the wave [B], but later it is expected to grow a bit in the wave [C] of iv.
USD JPY, “US Dollar vs Japanese Yen”
Yesterday, the USD/JPY pair reached a new local low. It’s highly likely that in the nearest future the market may continue forming the diagonal triangle in the wave [v] of C. Consequently, the price is expected to continue falling in the wave (iii).
As we can see at the H1 chart, after completing the descending wedge in the wave [A], the pair formed the correctional flat in the wave [B]. Probably, the market also finished the descending impulse (1) in the wave [C]. After completing the local correction, the price may resume falling in the wave (3) of [C].
AUD USD, “Australian Dollar vs US Dollar”
Possibly, the AUD/USD pair is still forming the triangle in the wave 4. It’s highly likely that the price is about to finish the bullish impulse (a) in the wave [e] of 4. In the future, after finishing the correction, the market may grow a little bit in the wave (c) of [e]. However, if the pair rebounds from the pattern’s upside border, the price may resume falling.
As we can see at the H1 chart, the pair is about to complete the third wave in the wave (a). As a result, during the day the market may be corrected in the wave iv, but later it is expected to continue growing in the wave v of (a).
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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.