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Home / Analytics / Forex analysis & forecasts / Forex Wave analysis and forecast / Wave Analysis 01.11.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
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Wave Analysis 01.11.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)

01.11.2016

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 [3] 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.



 
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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.