Forecast for January 21st, 2016
EUR USD, “Euro vs US Dollar”
Eurodollar continues forming the triangle
in wave 4
. It looks like right now the price is forming the wave [d]
of this pattern. During the next several days, the pair may continue moving sideways.
At the H1 chart, the price is forming the wave (c) of [d]
. In the nearest future, the market may continue moving downwards. It’s highly likely that on Thursday the pair may break the lows reached over the last several days.
GBP USD, “Great Britain Pound vs US Dollar”
Pound is still falling in the wave [iii]
. Earlier, the pair formed the wedge
in the wave [i]
and the correction in the wave [ii]
. In the nearest future, the market may continue falling.
As we can see at the H1 chart, after finishing the wave (iv)
, Pound has resumed its descending movement. On Thursday, the market may complete the local correction and resume moving downwards in the wave v of (v)
USD JPY, “US Dollar vs Japanese Yen”
Yen is still falling in the wave [c] of C
. It’s highly likely that during the next several days the pair will continue falling and reach a new low. Later, the price may start an ascending correction.
At the H1 chart, the price is forming the diagonal triangle
in the wave (v)
. Earlier, the pair finished the extension
in the third wave. During the day, the market may continue falling towards the pattern’s downside border.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar continues forming the descending extension
in the wave [iii]
. It’s highly likely that on the minor wave level the market may continue falling in the wave (iii)
and reach a new local low.
At the H1 chart, the price is about to finish the wave ii
. Earlier, the pair finished the wave (ii)
and the bearish impulse in the wave i
. In the nearest future, the market may continue its decline.
RoboForex Analytical Department
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