Wave Analysis 27.12.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
27.12.2016
Forecast for December 27th, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair is still being corrected to the upside in the wave [ii]. Earlier, the price completed the bearish impulse in the wave [i]. Consequently, after breaking the local high, the market may resume falling in the wave [iii].
Probably, after completing the ascending impulse in the wave (a), the pair finished the double three in the wave (b). As a result, in the nearest future the market may start a short-term growth in the wave (c) of [ii] and break the high.
GBP USD, “Great Britain Pound vs US Dollar”
The GBP/USD pair is still being corrected as well. It looks like the price is forming the fourth wave in the wave [v]. Consequently, in the nearest future the market is expected to resume its decline in the wave (v) of [v] and form another bearish impulse.
As we can see at the H1 chart, the pair completed the triangle in the wave b. As a result, on Tuesday the price may form the ascending wave c of (iv) and break the local high. If later the market forms a new bearish impulse, the pair may resume moving downwards.
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. It’s highly likely that the pair completed the descending extension in the wave [3] and then the correctional wave [4]. Later, the market is expected to resume growing in the wave [5] of c 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). In the nearest future, after finishing the local correction, the pair may resume moving downwards.
At the H1 chart, the wave [2] continues. Possibly, in the nearest future the pair break yesterday’s local high. Later, the market is expected to resume falling in the wave [3] 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.