Wave Analysis 29.12.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
29.12.2016
Forecast for December 29th, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair is still being corrected. It’s highly likely that the price is about to finish the wave [ii] and may break the local high during the day. Later, the market is expected to resume falling in the wave [iii].
More detailed structure is shown on the M30 chart. Yesterday, the pair completed the double zigzag in the wave (b) which corrected the bullish impulse in the wave (a). As a result, on Thursday the market may continue growing in the wave (c) of [ii].
GBP USD, “Great Britain Pound vs US Dollar”
Yesterday, the GBP/USD pair started forming the fifth wave in the bearish impulse [v]. It’s highly likely that after finishing the local correction the market may continue moving downwards and reach a new local low.
As we can see at the H1 chart, the wave (iv) took the form of the zigzag and then the pair formed the descending impulse, which might be the wave i of (v). Consequently, after finishing the correction, the market may resume moving downwards in the wave iii.
USD JPY, “US Dollar vs Japanese Yen”
Probably, the USD/JPY pair completed the ascending impulse in the wave c of (y). Consequently, during the next several days the market may form the descending wave i or a, which may take the form of the wedge.
It’s highly likely that the pair is about to complete the third wave of the wedge. As a result, in the nearest future the market may be corrected to the upside in the wave [4], which may later be followed by another bearish wave.
AUD USD, “Australian Dollar vs US Dollar”
Probably, the AUD/USD pair completed only the first wave of the wave (iii). Consequently, in the nearest future the market may be corrected to the upside. Later, the price may resume moving downwards in the wave iii of (iii).
As we can see at the H1 chart, yesterday the pair completed the wave [B] in the zigzagii. As a result, in the nearest future the market may finish the wave [C] of ii and try to resume its decline.
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.