Forecast for November 3rd, 2016
EUR USD, “Euro vs US Dollar”
Probably, the EUR/USD pair completed the double zigzag
in the wave [ii]
. However, to confirm this assumption, the market has to form a new descending impulse.
More detailed structure is shown on the H1 chart. It looks like the pair finished the ascending impulse in the wave c of (y)
. Consequently, in the nearest future the market may resume its decline.
GBP USD, “Great Britain Pound vs US Dollar”
In case of the GBP/USD pair, the correction moved to a longer timeframe. It’s highly likely that during the next several weeks the market may continue forming the wave [iv]
, which may later be followed by a new decline in the wave [v] of 5
As we can see at the H4 chart, the wave [iv]
may take the form of the double three
. However, to confirm this scenario, the market has to form a new descending impulse.
USD JPY, “US Dollar vs Japanese Yen”
It’s highly likely that the USD/JPY pair completed the wave [iv]
in the form of the double three
. After forming the diagonal triangle c of (y)
, the price started falling in the wave i
. If the market successfully completes this wave, it will continue moving downwards to reach the lows.
More detailed structure is shown on the H1 chart. On Thursday, the pair may form the correctional wave 
, which may be followed by another bearish impulse in the wave  of i
AUD USD, “Australian Dollar vs US Dollar”
Probably, the AUD/USD pair is forming the horizontal triangle
in the wave [e] of 4
. If later the price rebounds from the pattern’s upside border, the market may continue falling while forming the wave [i]
As we can see at the H1 chart, the pair completed the zigzag
and right now is attempting to rebounds from the upside border of the triangle
. To confirm a new descending movement, the market has to form a new descending impulse. However, if the market breaks the triangle
, the pair may continue consolidating.
RoboForex Analytical Department
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