Wave Analysis 23.09.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
23.09.2016
Forecast for September 23rd, 2016
EUR USD, “Euro vs US Dollar”
Probably, the EUR/USD pair finished the wave (B) in the form of the horizontal triangle and then completed the descending wedge in the wave [i]. In the nearest future, the local correction may continue, but later the price is expected to resume moving downwards.
After rebounding from the downside border of the wedge, the pair started a new correction. On Friday, the wave (b) may yet continue, but later the market is expected to move upwards a little bit in the wave (c) of [ii].
GBP USD, “Great Britain Pound vs US Dollar”
In case of the GBP/USD pair, the price may continue forming the extension in the wave (iii). Earlier, the market completed the wave [ii] in the form of the double zigzag. After finishing the local correction, the pair may break its previous low.
More detailed structure is shown on the H1 chart. It looks like the pair is about to complete the wave [B] in the zigzagiv. Consequently, in the nearest future the market may grow a bit in the wave [C] of iv.
USD JPY, “US Dollar vs Japanese Yen”
At the H4 chart, the USD/JPY pair continues forming the diagonal triangle in the wave [v] of C. In the nearest future, the market may continue falling and update the low of the wave (i).
As we can see at the H1 chart, after completing the flat in the wave [B], the pair formed the descending impulse in the wave (1). It’s highly likely that in the nearest future the market may resume falling and break the low.
AUD USD, “Australian Dollar vs US Dollar”
Probably, the AUD/USD pair is still forming the wave [e] of 4 in the form of the zigzag. Later, after finishing the impulse in the wave (a), the market may start a new descending correction in the wave (b) of [e].
More detailed structure is shown on the H1 chart. It looks like the pair completed the fourth wave in the wave (a). As a result, the market may break the local high while forming the wave v of (a).
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.