Wave Analysis 22.11.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
22.11.2016
Forecast for November 22nd, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair is forming the descending extension in the wave [iii]. Earlier, after completing the triangle in the wave (B), the pair rebounded from the pattern’s upside border and started the current decline. It’s highly likely that in the nearest future the market may continue falling.
More detailed structure is shown on the M30 chart. It looks like the pair is about to finish the fourth wave in the wave [iii]. Consequently, in the nearest future the market may start falling in the wave (v) of [iii].
GBP USD, “Great Britain Pound vs US Dollar”
Probably, after finishing the wave [iv] in the form of the flat, the GBP/USD pair started falling in the wave (i). In the nearest future, the market may continue moving downwards and break the local low.
As we can see at the H1 chart, after finishing the wave (c), the pair completed the `bearish impulse in the wave i and the flat in the wave ii. Consequently, in the nearest future the market may start falling in the third wave.
USD JPY, “US Dollar vs Japanese Yen”
Probably, the USD/JPY pair is still forming the ascending impulse in the wave c of (y). It looks like the wave [iv] is taking the form of the double zigzag. In the nearest future, the market may complete the bullish impulse and start a new descending movement.
More detailed structure of the current impulse is shown on the M30 chart. Probably, the pair finished the diagonal triangle(5) in the wave [3]. After finishing the local correction, the market may move upwards in the wave [5] of c.
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 started falling quickly. It looks like right now the price is forming the descending impulse in the wave (i). In the nearest future, the market may continue forming the extension in the wave iii of (i).
As we can see at the M30 chart, the pair completed the descending extension in the wave [3] and then the bullish impulse in the wave (A). After finishing the current correction, the price may resume its decline in the wave [5] 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.