Wave Analysis 18.11.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
18.11.2016
Forecast for November 18th, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair is still moving downwards. It looks like the price is forming the extension in the wave [iii]. Earlier, after completing the triangle in the wave (B), the pair formed the descending impulse in the wave [i]. Consequently, during the next several days the market may continue falling.
More detailed structure is shown on the M30 chart. It’s highly likely that the pair is forming the fourth wave of the extended wave (iii). Consequently, in the nearest future the market may resume falling while forming the wave v of (iii).
GBP USD, “Great Britain Pound vs US Dollar”
Probably, the GBP/USD pair completed the [ii] in the form of the flat. To confirm a new decline inside the main downtrend, the market has to form the descending impulse in the wave (i).
As we can see at the H1 chart, the pair formed the descending impulse in the wave i and then the correction in the wave ii. Probably, right now the market is forming the wave iii, which may continue during the next several hours.
USD JPY, “US Dollar vs Japanese Yen”
The USD/JPY pair is still being corrected. It looks like the wave [iv] is taking the form of the double three. On a shorter timeframe, the price may continue moving upwards in the wave c of (y).
More detailed structure is shown on the M30 chart. Probably, the pair is finishing the fifth wave of the extended wave [3]. In the future, after completing the correction, the market may move upwards in the wave [5] of c.
AUD USD, “Australian Dollar vs US Dollar”
In case of the AUD/USD pair, the price completed the diagonal triangle in the wave (c) of [y] and started falling in the wave (i). As a result, in the nearest future the market may continue moving downwards and reach several new lows.
As we can see at the M30 chart, the pair is extending the wave [3]. On a shorter timeframe, the price is about to finish the third wave and may later start a local ascending correction. In the future, the market may resume its decline in the wave (5) of [3].
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.