Wave Analysis 26.12.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
26.12.2016
Forecast for December 26th, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair is still being corrected to the upside. Earlier, the price completed the descending impulse in the wave [i]. Consequently, after finishing the wave [ii], the market may resume falling in the wave [iii].
More detailed structure is shown on the M30 chart. After completing the bullish impulse in the wave (a), the pair finished the zigzag in the wave (b). As a result, in the nearest future the market may continue growing in the wave (c) of [ii].
GBP USD, “Great Britain Pound vs US Dollar”
In case of the GBP/USD pair, the price is forming the fourth wave in the descending impulse [v]. In the nearest future, the correction may continue, but later the market is expected to resume its decline in the wave (v) of [v].
As we can see at the H1 chart, last week the pair completed the extension in the wave (iii). As a result, the price may continue forming the bullish impulse a in the correctional wave (iv).
USD JPY, “US Dollar vs Japanese Yen”
It looks like the USD/JPY pair is still forming the ascending impulse in the wave c of (y). Consequently, in the nearest future the market may break the local high. However, later the price may start a new bearish correction and form the descending wave i or a.
More detailed structure is shown on the H1 chart. Probably, the pair is about to finish the fourth wave in the wave c. As a result, in the nearest future the market may resume growing and break the previous high.
AUD USD, “Australian Dollar vs US Dollar” In case of the AUD/USD pair, the price is still forming the extension in the wave (iii). On a shorter timeframe, the market is forming the third wave. Earlier, the pair finished the zigzag in the wave (ii). It’s highly likely that during the next several weeks the pair may continue moving downwards.
As we can see at the H1 chart, after completing the wave [1], the pair started the correctional wave [2]. On Monday, the ascending correction may continue, but later the market is expected to resume falling in the wave [3] 0f iii.
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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.