Wave Analysis 30.11.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
30.11.2016
Forecast for November 30th, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair continues forming the correctional wave 2. Earlier, the price the descending impulse 1 with the extended wave [iii] inside it. After finishing the correction, the market may resume falling.
More detailed structure is shown on the H1 chart. It’s highly likely that the wave 2 is taking the form of the double zigzag. On a shorter timeframe, the price completed the bullish wedge in the wave (a) of [y]. Consequently, in the nearest future the market may start growing in the wave (c) of [y].
GBP USD, “Great Britain Pound vs US Dollar”
That the GBP/USD pair is still forming the wave [iv] in the form of the horizontal triangle. In the nearest future, the market may finish the wave (d) and start a short-term growth in the wave (e). If the price rebounds from the pattern’s upside border, it may resume moving downwards.
As we can see at the H1 chart, the wave (d) is taking the form of the zigzag. In the nearest future, the market may fall a little bit in the wave c of (d), but later it is expected to resume its growth in the wave (e) of [iv] towards the triangle’s upside border.
USD JPY, “US Dollar vs Japanese Yen”
The USD/JPY pair is still forming the ascending wave c of (y), which is a part of a larger correction. Consequently, later the market may start fall and form the descending impulse in the wave i or a.
More detailed structure is shown on the H1 chart. It’s highly likely that right now the price is forming the diagonal triangle in the wave [5] of c. As a result, if the price rebounds from the pattern’s upside border, the market may start falling in the wave [1].
AUD USD, “Australian Dollar vs US Dollar”
After finishing the descending impulse in the wave (i), the AUD/USD pair started another correction. Consequently, in the nearest future the market may form the wave (ii), which may later be followed by a new decline.
As we can see at the H1 chart, the pair finished the ascending wedge in the wave a. On Wednesday, the price may form a new local correction and reach a new local low. Later, the market may start growing in the wave c of (ii).
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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.