Wave Analysis 02.12.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
02.12.2016
Forecast for December 2nd, 2016
EUR USD, “Euro vs US Dollar”
Probably, the EUR/USD pair completed the correctional wave 2. Earlier, the price finished the descending impulse in the wave 1. Consequently, during the next several weeks the market may resume falling. To confirm this scenario, the pair has to form the bearish impulse in the wave [i].
More detailed structure is shown on the H1 chart. Probably, the pair completed the wave 2 in the form of the double zigzag. However, to confirm this assumption, the market has to form the descending wave (i).
GBP USD, “Great Britain Pound vs US Dollar”
It’s highly likely that yesterday the GBP/USD pair completed the wave (y) of the double three [iv]. As a result, in the nearest future the market may continue falling in the wave (i). To confirm this scenario, the price has to finish this wave.
More detailed structure is shown on the H1 chart. After finishing the triangle in the wave x, the pair finished the zigzagy of (y). On a shorter timeframe, the market formed the bearish impulse in the wave i and may resume falling.
USD JPY, “US Dollar vs Japanese Yen”
Bulls aren’t going to stop as the USD/JPY pair continues forming the wave c of (y). Possibly, on Friday the price may reach a new high. Later, the market may start another correction and form the wave i or a.
As we can see at the H1 chart, the price is completing the fourth wave in the wave [5] of c. As a result, after finishing the local correction, the pair may start growing the wave (5) and break yesterday’s high.
AUD USD, “Australian Dollar vs US Dollar”
Possibly, the price completed the wave (ii). Earlier, the pair finished the diagonal triangle in the wave (c) and then the bearish impulse in the wave (i), Consequently, in the nearest future the market may start a new decline.
As we can see at the H1 chart, after finishing the ascending wedge in the wave a, the pair formed the short bullish impulse in the wave c of (ii). If later the price forms the wave i, the market may resume falling and break the low of the wave (i).
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.