Wave Analysis 26.08.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
26.08.2016
Forecast for August 26th, 2016
EUR USD, “Euro vs US Dollar”
The main scenario remains bearish. It looks like after finishing the triangle in the wave [b], the EUR/USD pair completed the ascending impulse in the wave [c] of E. As a result, in the nearest future the market may start a new decline.
As we can see at the H1 chart, the pair formed bearish impulse in the wave (i) and then the correctional wave (ii) in the form of the zigzag. Consequently, quite soon the market may start falling in the third wave.
GBP USD, “Great Britain Pound vs US Dollar”
Probably, the price has finished the double zigzag in the wave (ii).Earlier, after finishing the correction, the GBP/USD pair formed the bearish impulse in the wave (i). To confirm a new decline, the market has to form a new descending impulse in the wave i.
More detailed structure is shown on the H1 chart. It looks like after finishing the wave y of (ii), the pair formed the bearish wedge in the wave [1]. It’s highly likely that during the day the market may start falling in the third wave.
USD JPY, “US Dollar vs Japanese Yen”
The USD/JPY pair continues forming the diagonal triangle in the wave v of (iii). In the nearest future, the market is expected to start a new descending movement, which may be followed by another correction, i.e. the wave (iv).
At the H1 chart, the pair probably completed the horizontal triangle in the wave [4]. Consequently, later the price may resume falling in the wave [5] of v and break the low of the wave [3] quite soon.
AUD USD, “Australian Dollar vs US Dollar”
The descending wedge in the wave (i) indicates that the AUD/USD pair may start a new decline. Consequently, after finishing the local correction, the market may form another descending impulse.
As we can see at the H1 chart, the pair is probably finishing the diagonal triangle in the wave c of (ii). After completing this pattern successfully, the price will start a new descending movement.
RoboForex Analytical Department
Attention!
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.