Wave Analysis 27.10.2015 (EUR/USD, GBP/USD, USD/JPY, USD/CAD)
27.10.2015
Forecast for October 27th, 2015
EUR USD, “Euro vs US Dollar”
The situation isn’t changing. Eurodollar continues forming the wave i of (i) of [iii] of the larger descending wave, which may be followed by a local growth in the correction (ii) of [iii] of 1.
Just as we expected, the price continues moving sideways in the wave iv of (i) of [iii], after which the market may make the final descending movement and complete the wave (i) of [iii] of 1.
GBP USD, “Great Britain Pound vs US Dollar”
The forecast remains the same. Most likely, in the nearest future the market will continue falling and forming the first impulse [1] of iii of (iii) of the large descending extension.
Most likely, Pound is forming the double extension in the wave [1] of iii of (iii). In the nearest future, the market is expected to continue moving downwards and reach new local lows.
USD JPY, “US Dollar vs Japanese Yen”
Probably, Yen has completed the local correction ii of (i) of [iii], which may be followed by a fast and significant growth in the wave iii of (i) of [iii].
Yen has completed the descending zigzagii of (i) of [iii]. In the nearest future, the market is expected to start a serious growth in the wave iii of (i) of [iii]. At the same time, there is an alternative scenario, which implies that the wave ii of (i) of [iii] may take the form of the double zigzag.
USD CAD, “US Dollar vs Canadian Dollar”
Well, the main scenario is becoming less and less probable. So, according to it, after finishing the expanded flat(ii) of [a] of 4, Canadian Dollar is expected to start a significant descending movement. If the pair continues growing, I’ll switch to an alternative scenario (colored in gray), which suggests that the market has only completed the wave (i) of [v] of 3 and the descending zigzag(ii) of [v] of 3 in the extended wave [v] of 3. It means that the pair may grow to break 1.35.
So far the pair is moving below the critical level and in the nearest future it is expected to start a new descending movement in the wave (iii) of [a] of 4. If the pair continue moving upwards, I’ll switch to an alternative scenario (see the passage above).
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.