Forecast for November 1st, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair is still being corrected. It looks like the price is forming the double zigzag
in the wave [ii]
. In the nearest future, after finishing the wave (y)
, the market is expected to resume its decline. To confirm this scenario, the pair has to form a new descending impulse.
More detailed structure is shown on the H1 chart. It’s highly likely that the pair is forming the ascending impulse in the wave c of (y)
. On Tuesday, the market may continue growing while forming the current impulse.
GBP USD, “Great Britain Pound vs US Dollar”
Probably, the GBP/USD pair is forming the diagonal triangle
in the wave (v) of [iii]
. In the nearest future, the market may complete the wave ii
and start falling in the wave iii
. As a result, the price may soon break the low.
As we can see at the H1 chart, the pair completed the zigzag
in the wave ii
. On a shorter timeframe, the price finished the wave [C]
. Consequently, in the nearest future the market may start falling in the third wave inside the diagonal triangle
USD JPY, “US Dollar vs Japanese Yen”
Possibly, the USD/JPY pair completed the wave (y) of [iv]
. Consequently, the fourth wave may take the form of the double three
. However, due to the rather complicated chart structure, to confirm the wave [v]
, the price has to form a new descending impulse.
At the H1 chart, we can see a predicted structure of the wave (y)
. It looks like the pair completed the diagonal triangle
in the wave c
. After finishing the local correction, the market may start falling in the wave  of i
AUD USD, “Australian Dollar vs US Dollar”
It’s highly likely that the AUD/USD pair completed the horizontal triangle
in the wave 4
. As a result, in the nearest future the market may continue falling in the wave [i] of 5
As we can see at the H1 chart, the pair is about to finish the wave ii
, which took quite a lot of time. Taking into account how fast the current correction is, to confirm a further decline in the third wave, the market has to complete the descending impulse in the wave iii
RoboForex Analytical Department
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