Wave Analysis 24.08.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
24.08.2016
Forecast for August 24th, 2016
EUR USD, “Euro vs US Dollar”
Probably, the EUR/USD pair has completed the wave [c] of E inside the diagonal triangle. Consequently, if later the price forms a new descending impulse, the market may start a new decline.
More detailed structure is shown on the H1 chart. Possibly, yesterday the pair completed the diagonal triangle in the wave (v) of [c]. It looks like right now the price is already moving downwards in the wave (i) and forming the third wave inside it.
GBP USD, “Great Britain Pound vs US Dollar”
In case of the GBP/USD pair, the main scenario remains bearish. Perhaps, in the nearest future the market may finish the wave (ii) and start plummeting in the wave (iii).
As we can see at the H1 chart, the pair is about to finish the wave y in the double zigzag(ii). By forming a new bearish impulse in the wave i, the price will confirm a new decline.
USD JPY, “US Dollar vs Japanese Yen”
The USD/JPY pair is still forming the diagonal triangle in the wave v of (iii). In the nearest future, the market may resume falling towards the downside border of this pattern.
More detailed structure of the diagonal triangle is shown on the H1 chart. Apparently, the pair has finished the wave [4] in the diagonal triangle and may resume falling in the wave [5] of v.
AUD USD, “Australian Dollar vs US Dollar”
After finishing the descending wedge in the wave (i), the AUD/USD pair started another correction. Earlier, the price completed the diagonal triangle in the wave [c] of 4. As a result, in the nearest future the market may start falling in the wave (iii).
As we can see at the H1 chart, the wave (ii) is taking the form of the zigzag. On a shorter timeframe, the pair is probably about to complete the ascending impulse c. After finishing this impulse, the market may start falling in the wave i.
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.