Wave Analysis 11.12.2015 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
11.12.2015
Forecast for December 11th, 2015
EUR USD, “Euro vs US Dollar”
Probably, Eurodollar has completed the ascending zigzag in the wave 4. Earlier, the pair formed the long bearish impulse in the wave 3 or C. In the nearest future, the pair may resume its decline.
More detailed structure is shown on the H1 chart. Yesterday, the pair formed the ascending impulse in the wave [с] of 4. Probably, by now the price has already finished the wave (i) and soon is about to complete the local correction. Later, the price may start falling in the wave (iii).
GBP USD, “Great Britain Pound vs US Dollar”
After finishing the descending diagonal triangle, Pound started the correction. It looks like the price has formed the zigzag in the wave [ii]. If in the future the pair forms a descending impulse, the market will resume its decline.
As we can see at the H1 chart, yesterday Pound formed the bullish impulse in the wave (c) of [ii]. On the minor wave level, the price has completed the wave i. On Friday, the pair may continue falling in the descending wave iii.
USD JPY, “US Dollar vs Japanese Yen”
Yen has broken the critical level and finished the impulse in the wave [c] of the zigzag in the wave X. Consequently, the correction is moving to a higher level. In the nearest future, the pair may start forming the descending wave (i).
As we can see at the H1 chart, the price has formed the diagonal triangle in the wave (v). it’s highly likely that the market has finished the fourth wave in the bearish wave (i). Consequently, later the price may start moving upwards in the wave v of (i).
AUD USD, “Australian Dollar vs US Dollar”
It's highly likely that Australian Dollar finished the correctional wave 4 in the form of the zigzag, the descending impulse in the wave (i) and the correction inside the second wave. On Friday, the price may start falling in the wave (iii) and break its local low.
As we can see at the H1 chart, the market has formed the descending impulse in the wave (i). It looks like the wave (ii) has been completed as well, which means that quite soon the price may start another decline. On the minor wave level, the pair is about to finish the wave i. After completing the local correction, the market may continue falling 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.