Forecast for November 4th, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair is still being corrected. It’s highly likely that the price is finishing the bullish impulse (c)
in the zigzag [ii]
. To confirm that the correction completed, the market has to form a new descending impulse.
More detailed structure is shown on the H1 chart. It looks like the pair is finishing the fourth wave in the wave (c)
. Consequently, in the nearest future the market may resume growing in the wave v of (c)
GBP USD, “Great Britain Pound vs US Dollar”
Probably, the GBP/USD pair is forming the zigzag (y)
in the double three [iv]
. As a result, in the nearest future the market may continue forming the bullish impulse in the wave c of (y)
As we can see at the H1 chart, the pair is extending
the third wave of the wave c of (y)
. In the nearest future, a new local correction may take place, which may be followed by a new growth in the wave  of c
USD JPY, “US Dollar vs Japanese Yen”
Possibly, the USD/JPY pair completed the wave [iv]
in the form of the double three
. On a shorter timeframe, the price finished the diagonal triangle c of (y)
. The situation being what it is, in the nearest future the market may continue forming the wave i
After the pair successfully completes this wave, it will resume moving downwards.
At the H1 chart, the pair completed the fourth wave in the descending impulse i
. Consequently, in the nearest future the market may fall in the wave  of i
and break the local low.
AUD USD, “Australian Dollar vs US Dollar”
It looks like the horizontal triangle
in the wave [e] of 4
may be a bit bigger than expected. It’s highly likely that during the next week the price may continue consolidating. As a result, if the pair rebounds from the pattern’s upside border, the market may start falling in the wave [i]
As we can see at the H1 chart, yesterday the pair completed the double zigzag
in the wave (c)
. Consequently, on Friday the price may start a short-term decline in the wave (d)
of the horizontal triangle
RoboForex Analytical Department
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