Wave Analysis 09.12.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
09.12.2016
Forecast for December 9th, 2016
EUR USD, “Euro vs US Dollar”
Probably, the EUR/USD pair completed the double three in the wave 2 and then formed the descending impulse in the wave [i]. In the nearest future, after finishing the local correction, the market may start falling in the wave [iii].
More detailed structure is shown on the M30 chart. Yesterday, the pair completed the wave (c) of [y] and started falling quickly in the wave [i]. On Friday, the market may finish the wave [ii] and start the wave [iii].
GBP USD, “Great Britain Pound vs US Dollar”
In case of the GBP/USD pair, the price is still forming the descending impulse in the wave (i). Earlier, the pair completed the double three in the wave [iv]. During the next several days, the market may continue falling and reach a new local low.
At the H1 chart, the pair formed the diagonal triangle in the wave c of (y) and completed the correction. Later, the price finished the descending impulse in the wave i along with the correction in the wave ii. After finishing the local correction, the market may start the wave [3] of iii.
USD JPY, “US Dollar vs Japanese Yen”
Possibly, the USD/JPY pair resumed forming the bullish impulse in the wave c. It looks like the price may reach a new high soon. Later, the market may start falling in the wave i or a and form the bearish impulse.
As we can see at the H1 chart, the pair is probably forming the diagonal triangle in the wave [5]. In the nearest future, the market may grow in the wave (3) and break the high of the wave (1). If the price rebounds from the pattern’s upside border, it may start a new correction.
AUD USD, “Australian Dollar vs US Dollar”
It’s highly likely that the AUD/USD pair completed the correctional wave (ii) after finishing the descending impulse in the wave (i). As a result, in the nearest future the market may start a new decline and break the low of the wave (i).
As we can see at the H1 chart, the pair finished the wave (ii) in the form of the zigzag with the double three b inside it. After finishing the wave ii, the market may resume falling and break the local lows.
RoboForex Analytical Department
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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.