Wave Analysis 23.11.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
23.11.2016
Forecast for November 23rd, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair is still forming the descending extension in the wave [iii]. Earlier, after completing the triangle in the wave (B), the pair formed the descending impulse in the wave [i]. Later, the market may continue falling and break the local low.
More detailed structure is shown on the M30 chart. It’s highly likely that yesterday the pair finished the wave (iv) and then formed the bearish impulse in the wave i. Consequently, in the nearest future the market may start falling in the wave iii of (v).
GBP USD, “Great Britain Pound vs US Dollar”
In case of the GBP/USD pair, the chart stricture remains the same. Earlier, after finishing the wave [iv] in the form of the flat, the price started falling in the wave (i), which may yet continue in the nearest future. As a result, during the next several hours the market may break the previous low.
As we can see at the H1 chart, yesterday the pair probably finished the bullish impulse in the wave [C], and, as a result, formed the flat in the wave ii. Consequently, in the nearest future the market may extending the wave iii.
USD JPY, “US Dollar vs Japanese Yen”
Probably, the USD/JPY pair is still forming the ascending impulse in the wave c of (y), which is a part of the double zigzag[iv]. In the nearest future, the market may complete the bullish impulse and start a new descending movement.
Possibly, the pair is forming the second consecutive diagonal triangle. Earlier, the price finished the extension in the wave [3]. If the market completes the pattern in the wave [5] of c and rebounds from its upside border, the pair will resume falling.
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 right now is still forming the descending impulse in the wave (i). In the nearest future, the market may continue falling in the wave iii.
As we can see at the M30 chart, the pair is about to finish the impulse (C) in the zigzag[4]. As a result, in the nearest future the market may fall in the wave [5] of iii and break the low of the wave [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.