Wave Analysis 29.08.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
29.08.2016
Forecast for August 29th, 2016
EUR USD, “Euro vs US Dollar”
Probably, after finishing the horizontal triangle in the wave (B), the EUR/USD pair started forming the descending impulse in the wave [i]. On a shorter timeframe, the market completed the zigzag in the wave E. As a result, in the nearest future the market may continue falling.
More detailed structure is shown on the H1 chart. Last Friday, the pair completed the descending impulse in the wave (i) and then the correctional wave (ii) in the form of the zigzag. It’s highly likely that during the day the market may continue forming the bearish extension in the wave (iii).
GBP USD, “Great Britain Pound vs US Dollar”
In case of the GBP/USD pair, the main scenario remains bearish. It looks like last week the price formed the wave (ii) in the form of the zigzag. Consequently, in the nearest future the market may continue falling in the wave i.
As we can see at the H1 chart, last Friday the pair finished the diagonal triangle in the wave c of (ii). On a shorter timeframe, the price formed the descending impulse in the wave [1]. As a result, on Monday the market may falling in the wave [3] of i.
USD JPY, “US Dollar vs Japanese Yen”
Despite the fast growth of the price, the main scenario still implies that the USD/JPY pair is forming the diagonal triangle in the wave [v] of C. In the nearest future, the market is expected to finish the wave (ii). To confirm a new descending movement in the wave (iii), the pair has to form the descending impulse inside it.
At the H1 chart, the pair is probably forming the double zigzag in the wave (ii). Earlier, the price completed the horizontal triangle in the wave x and then the ascending wave [A]. After finishing the local correction, the market may grow for a while in the wave [C] of y.
AUD USD, “Australian Dollar vs US Dollar”
The pair has finally confirmed the descending wedge in the wave (i) formed earlier. Last Friday, the price finished the wave (ii) and started falling. Consequently, in the nearest future the market may continue falling in the third wave.
As we can see at the H1 chart, the pair formed the zigzag(ii) with the diagonal trianglec inside it. Later, the price completed the descending impulse in the first wave. It’s highly likely that during the day the market may start moving downwards in the wave iii of (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.