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Home / Analytics / Forex analysis & forecasts / Forex Wave analysis and forecast / Wave Analysis 07.11.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
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Wave Analysis 07.11.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)

07.11.2016

Forecast for November 7th, 2016

EUR USD, “Euro vs US Dollar”

Probably, the EUR/USD pair completed the zigzag in the wave [ii]. On a shorter timeframe, the price is forming the descending impulse in the wave (i). After finishing this wave, the market may start a new descending movement.



More detailed structure is shown on the H1 chart. It looks like after completing the wave the (c) of [ii], the pair formed the descending impulse in the wave i. In the nearest future, the market may continue falling in the wave iii of (i).




GBP USD, “Great Britain Pound vs US Dollar”

It’s highly likely that last week the GBP/USD pair formed the double three [iv] with the zigzag (y) inside it. As a result, in the nearest future the market may fall in the wave (i).



As we can see at the H1 chart, last Friday the pair finished the wave [5] of c and resumed falling. To confirm a new decline, the market has to form the bearish impulse in the wave i.




USD JPY, “US Dollar vs Japanese Yen”

The market was opened with a gap up and continued forming the wave ii. Later, after finishing the correction and the descending impulse, the price may start moving downwards in the wave iii of (i).



More detailed structure is shown on the H1 chart. Probably, the pair is about to complete the zigzag in the wave ii. To confirm a new decline in the wave iii, the market has to finish the ascending wave [C] and form a new descending impulse.




AUD USD, “Australian Dollar vs US Dollar”

The AUD/USD pair is still consolidating. It looks like during the next several weeks the price may continue forming the horizontal triangle in the wave [e] of 4. Later, the market may start falling in the wave [i].



As we can see at the H1 chart, the wave (c) of [e] is taking the form of the double zigzag. Consequently, after finishing the wave y of (c), the market may start a short-term decline in the wave (d) towards the pattern’s downside border.



 
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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.