Wave Analysis 23.10.2015 (EUR/USD, GBP/USD, USD/JPY, USD/CAD)
23.10.2015
Forecast for October 23rd, 2015
EUR USD, “Euro vs US Dollar”
Just as we expected, after finishing the correction ii of (i) of [iii], the price has started falling fast in the wave iii of (i) of [iii]. Probably, in the nearest future the market may continue moving downwards.
The price is forming a classic wave, iii of (i) of [iii], which hasn’t been completed yet. In the nearest future, the market is expected to finish this wave, form the horizontal correction iv of (iii) of [iii], and then complete the entire impulse (i) of [iii] of 1.
GBP USD, “Great Britain Pound vs US Dollar”
Unlike Eurodollar, the situation isn’t changing. The main scenario remains the same – in the nearest future, the market Pound is expected to move downwards and form the wave iii of (iii) of [iii].
Pound has almost reached the critical level, but hasn’t broken it. In the nearest future, the market is expected to continue falling in the wave (3) of [1] of iii.
USD JPY, “US Dollar vs Japanese Yen”
The price has chosen an alternative scenario. So, after forming the double zigzag(2) of [5], Yen has completed the first ascending wave [i] of 1 of (3) and the long correction [ii] of 1 of (3) in the form of the double zigzag. Later, the pair is expected to continue moving upwards.
It looks like Yen has completed a classic extension in the ascending impulse [iii] of 1 of (3). Most likely, in the nearest future the pair may continue growing.
USD CAD, “US Dollar vs Canadian Dollar”
The correction (ii) of [a] of 4 in the form of the expanded flat continues. In the nearest future, the market is expected to complete the correction and start falling in the wave (iii) of [a] of 4.
The pair continues forming the wave [4] of с of (ii), which has almost reached the top of the wave [1] of с of (ii). The market is expected to move upwards for a while and then complete the entire correctional pattern in the wave (ii) of [a] of 4. An alternative scenario (colored in gray) implies that this wave has already been finished.
RoboForex Analytical Department
Attention!
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.